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
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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A New Auditors Guide To Planning Performing And Presenting IT Audits
Authors: Nelson Gibb, CIA, CISA, CISSP, Divakar Jain, CA, CPA, Amitesh Joshi, Surekha Muddamsetti, Sarabjot Singh
1st Edition
0894136852, 978-0894136856
