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Question 27 1 point Previous Next If Accounts Receivable has a debit postings of $580,000, credit postings of $440,000, and a normal ending balance of $480,000, which of the following was its beginning balance? O A. $620,000 debit B. $340,000 credit C. $620,000 credit D. $340,000 debit Question 37 1 point Previous Next At the end of the closing process, the balance in the Income Summary account equals: A. Zero OB. Net Income O c. Revenues OD. Expenses Question 40 1 point Previous Next Yusoph's Hotel has revenue of $465,000, gain on sale of $14,000 and profit of $114,000. How much were the expenses? O A. $345,000 B. $365,000 O c. $390,000 OD. $218,000 Question 43 1 point Previous Next Accounting is a service activity. Its function is to provide O A. Qualitative Information B. Quantitative Information O c. Quantitative and Qualitative Information OD. None of these nostic Examination 28:23 41 of 50 answer Question 44 1 point Previous Next Warren, Inc. neglects to make the required adjusting entry for wages at the end of the accounting period. Which of the following statements reflect the impact of this oversight? O A. Salary Expense for the year is overstated. B. Liabilities at the end of the year are understated. C. Assets at the end of the year are understated. OD. Owner's equity at the end of the year is understated Question 45 1 point Previous Next The residual interest in the assets of an entity that remains after deducting liabilities. O A. Assets B. Liabilities OC. Equity D. Revenues OE. Expense Question 46 1 point Previous Next Probable future economic benefits A Assets B. Liabilities O c. Equity OD. Revenues OE. Expense