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just answers please, thank you! 1. Which of the following accounts is a permanent account? A) Fees earned B) Office supplies expense C) Interest revenue
just answers please, thank you!
1. Which of the following accounts is a permanent account? A) Fees earned B) Office supplies expense C) Interest revenue D) Accounts payable E) Salaries expense 2. When closing entries are made: A) All ledger accounts are closed to start the new accounting period B) All temporary accounts are closed but permanent accounts are not closed C) All asset accounts are closed but liability accounts are not closed D) All permanent accounts are closed but temporary accounts are not closed E) All balance sheet accounts are closed 3. Assets, liabilities, and equity accounts are not closed; these accounts are called: A) Nominal accounts B) Temporary accounts C) Permanent accounts D) Contra accounts E) Accrued accounts 4. Joumal entries recorded at the end of each accounting period to prepare the revenue, expense, and withdrawals accounts for the upcoming period and to update the owner's capital account for the events of the period just finished are referred to as: A) Adjusting entries B) Closing entries C) Final entries D) Work sheet entries E) Updating entries 5. The closing process is necessary in order to: A) Ensure compliance with payroll regulations B) Ensure that all permanent accounts are closed to zero at the end of each accounting p C) Ensure that the company complies with state laws D) Ensure that net income or net loss and owner withdrawals for the period are closed into the owner's capital account E) Ensure that management is aware of how well the company is operating Step by Step Solution
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