5. Which of the following is an example of accrued revenue?
a.	snow removal services that have been provided but have not been billed or paid
b.	snow removal services that has been provided and paid on the same day
c.	an agreement that has been signed for snow removal services for the next three months
d.	snow removal services that have been paid for three months in advance
6. Which one of the fixed asset accounts listed below will not have a related contra asset account?
a.	Land
b.	Buildings
c.	Delivery Equipment
d.	Office Equipment
7. The first item appearing on the statement of retained earnings is
a.	the beginning balance of retained earnings
b.	net income
c.	dividends
d.	Net increase of current year
8. Which of the following accounts will not be closed to Income Summary at the end of the fiscal year?
a.	Fees Earned
b.	Insurance Expense
c.	Prepaid Insurance
d.	Utilities Expense
9. Which of the following accounts ordinarily appears in the post-closing trial balance?
a.	Supplies Expenses
b.	Unearned Rent
c.	Dividends
d.	Fees Earned.
10. Which of the accounting steps in the accounting process below would be completed last?
a.	posting to ledger
b.	journalizing
c.	preparing the financial statements
d.	preparing the adjusted trial balance

11. When the terms of sale are FOB shipping point, who should ultimately pay the transportation charges?

a. Supplier

b. Seller

c. Shipping company

d. Buyer

12. Which of the following methods uses the oldest price of inventory first when assigning a value to our inventory?

a. FIFO

b. LIFO

c. Average cost

13. Merchandise inventory is classified on the balance sheet as a

a. current asset

b. current liability

c. its not on the balance sheet

d. long-term liability

14. A new account on the multi-step income statement for a merchandiser uses which of the following as an expense when selling inventory?

a. wages expense

b. merchandise inventory

c. cost of goods sold

d. copyright

15. Taking advantage of a 2/10, n/30 purchases discount is equal to a yearly savings rate of approximately

a. 24%

b. 20%

c. 36%

d. 2%

NO REASONS ARE NEEDED, JUST PROVIDE THE ANSWERS.

thank you