Question
Consider the following 5 accounts all of which have normal balances: (i) Sales Discount (ii) Sales Returns & Allowances (iii) Prepaid Insurance Expense (iv) Gain
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Consider the following 5 accounts all of which have normal balances:
(i) Sales Discount (ii) Sales Returns & Allowances (iii) Prepaid Insurance Expense (iv) Gain on Asset Disposal (v) Unearned Revenue
When the company prepares its closing entries, how many of the above accounts will be credited during the closing process?
A. 1
B. 5
C. 3
D. 2
E. 4
Consider the following 5 accounts all of which have normal balances:
(i) Sales Discount (ii) Sales Returns & Allowances (iii) Prepaid Insurance Expense (iv) Gain on Asset Disposal (v) Unearned Revenue
When the company prepares its closing entries, how many of the above accounts will be credited during the closing process?
| A. | 1 | |
| B. | 5 | |
| C. | 3 | |
| D. | 2 | |
| E. | 4 |
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Modern Internal Auditing Continuing Professional Education CPE Edition
Authors: Robert M. Atkisson, Victor Z. Brink, Herbert N. Witt
1st Edition
0471818828, 978-0471818823
