6. Which of the following accounts is a temporary account: A) Accounts receivable B) J. Jones, capital C) Accounts payable D) Cash E) Salaries expense 7. The usual order for the asset subgroups of a classified balance sheet is: A) Current assets, prepaid expenses, long-term investments, intangible assets B) Long-term investments, current assets, plant assets, intangible assets C) Current assets, long-term investments, plant assets, intangible assets D) Intangible assets, current assets, long-term investments, plant assets E) Plant assets, intangible assets, long-term investments, current assets 8. A merchandiser: A) Earns net income by buying and selling merchandise B) Receives fees only in exchange for services C) Earns profit from commissions only D) Earns profit from fares only E) Buys products from consumer's statements from one period to the next 9. Cost of goods sold: A) Is another term for merchandise sales B) Is the term used for the expense of buying and preparing merchandise for sale C) Is another term for revenue D) Is also called gross margin E) Is a term only used by service firms 10. The temporary account used only in the closing process to hold the amounts of revenues and expenses before the net difference is added or subtracted from the owner's capital account is called the: A) Closing account B) Nominal account C) Contra account D) Balance Column account E) Income Summary account 11. Merchandise inventory: A) Is a long-term asset B) Is a current asset C) Includes supplies the company will use in future periods D) Is classified with investments on the balance sheet E) Must be sold within one month