Blackboard * XCO * Question Completion Status: QUESTION 26 The adjusting process: A requires the accountant to analyze the various accounts maintained by a business B. is an outgrowth of the accrual basis of accounting Collapse 2019-Fall: ACCT-2401-BV2-Prin. of Fina C. is an outgrowth of the periodicity assumption D. All of these E. None of these QUESTION 27 For purposes of reporting the results of operations, the life of a business is: O A considered to be one continuous reporting period B. divided into discrete accounting periods C. divided into one-year time intervals D. divided into specific points in time E. None of these QUESTION 28 If payday occurs on each Wednesday for the weekly pay period ending the previous Friday, and an entry is made ea payday (Wednesday) would involve a debit to: O A Wage Expense B. Wages Payable OC Cash This is a table showing the attributes of a collection of items. Click Save and Submit to save and submit. Click Save All Answers to save all answers. * Blackboard XCO Question Completion Status: 10 20 30 40 5 60 70 8 9 10 110 120 13 140 150 160 170 18 19 20 21 22 23 24 25 26 27 28 29 QUESTION 31 Sansom had revenues of $8,000 and expenses of $9.500. A summary entry to close the Revenue and Expense accounts to the income Summary account would include: A. a debit to Income Summary of $8,000 B. a credit to Income Summary of $9.500 Ca debit to Expenses of $8,000 D. a credit to Revenues of $9.500 E. None of these. QUESTION 32 The current ratio may be calculated as: A current assets divided by total assets B. total assets - current assets C total assets divided by current assets D. (total assets - current assets) divided by total assets