Give me the correct choice

Which of the following accounts is never adjusted when making adjusting entries? a. Prepaid insurance b. Cash c. Unearned Rent d. Consulting Revenues 2. The base accounting equation is: a. assets = liabilities - owners' equity b. assets = liabilities + owners' equity c. assets + liabilities + owners' equity = stock d. assets + liabilities = owners' equity 3. Each adjusting entry will always effect: a. Only balance sheet accounts b. At least one income statement account and one retained earnings statement account c. At least one balance sheet account and one income statement account d. Only income statement accounts 4. Closing entries are: a. Required to bring all permanent accounts to a zero balance at the end of the accounting period b. Not required to be posted c. Required to bring all temporary accounts to a zero balance prior to starting a new accounting cycle d. Generally taken from the financial statements rather than from the work sheet or the accounts themselves. 5. Which of the following are both service organizations? a. Walmart and General Motors b. United Airlines and PwC c. General Motors and PwC d. Old Navy and CVS 6. Which of the following financial statements is prepared first? a. Statement of cash flows b. Income statement c. Retained earnings statement d. Balance sheet 7. Which of the following is NOT correct? a. Accounting rules are referred to as GAAP. b. The largest accounting firms are referred to as the Big 4. c. Proprietorships are owned by shareholders. d. CPA stands for certified public accountant. 8. In the accounting cycle, which of the following sequences is correct? a. analyze transaction, post to ledger, journalize b. post-closing trial balance, adjusted trial balance, unadjusted trial balance c. prepare the financial statements, adjusted trial balance, post to ledger d. unadjusted trial balance, adjusting entries, adjusted trial balance 9. Liability accounts are decreased: a. By debits b. By credits C. On the right side d. Below the balance line