1. ____________ payable is listed under current liabilities

1. None of the above
2. Accounts
3. Both A & B
4. Notes

2. Land used in operation classified as

1. Plant Asset
2. Current Liablity
3. Long term Investment
4. Current Asset

3. In the first step of closing entries we have to close all _____________ accounts.

1. Expenses
2. Withdrawals
3. Revenue
4. Income Summary

4. In the second step of closing entries we have to close all _____________ accounts.

1. Revenues
2. Expenses
3. Withdrawals
4. Income Summary

5. If you have net loss , what will be the closing entry

1. Dr Income Summary Cr Capital
2. Dr Capital Cr Income Statement
3. Dr Capital Cr Income Summary
4. Dr Revenue Cr Income Summary

6. Trademarks is considered a type of which class of assets?

1. Tangible Assets
2. Intangible Assets
3. Plant Assets
4. Current Asset

7. Post Closing Trial balance will show Balance Sheet Accounts only

1. True
2. False

8. Unearned Revenue Classified as

1. Current Liability
2. Revenue
3. Current Asset
4. Long Term Liability