MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question 1) A balance sheet that lists the assets above the liabilities and stockholders equity sections is ain) balance sheet. A) account form C) report form B) audited form D) unclassified form 2) The balances of select accounts of Elliott, Inc as of December 31, 2018 are given below: 2) Notes Payable-short-term Notes Payable-long-term Uneamed Revenue $1.200 6,00 20,0 3,00 1,00 ayable The Unearned Revenue is the amount of cash received for services to be rendered in January, 2019.1 Interest Payable is due on February 15, 2019, What are the total curnent liabilities shown on the balan sheet at December 31, 2018? A) $12.500 B) $5,500 C) $13,700 D) $11,200 3) Patents, copyrights, and trademarks are examples of A) intangible assets C) long-term investments D) fived assets 4) Which of the following statements is true if the income statement debit column exceeds the income 4) statement credit column of a worksheet? A) The company incurred a net loss B) An error was made. C) The retained earnings account increased during the period. D) The company made a net profit. 5) Which of the following statements is true of the accounting cycle? A) It involves preparation of adjusting entries after the closing entries B) It is a process by which financial statements for a period are produced C) It ignores the beginning balances of accounts D) It takes place only at the end of an accounting period. 6) Olsteen, Inc, earned revenues of $65,000 and incurned expenses of $73,000. No dividends were 6) declared. Which of the following statements is correct? A) Retained Earnings will be debited for $8,000 and Income Summary will be credited for $8,000. B) The entry to close Income Summary requires a debit to the Income Summary account. C) The entry to close Income Summary is the same regardless of a net income or a net loss D) The entries to close revenues and expenses will differ if there is a net loss