Question 1:

Revenues, Expenses, and Cost of Goods Sold are closed to which of the following accounts

Select one:

A. Income Summary

B. Retained Earnings

C. Other Income

D. Dividends

E. None of the Above

Question 2:

Which of the following entries correctly reflects the entry for the requisition of materials (direct and indirect) for use in production?

Select one:

A.

Materials Inventory

Accounts Payable

B.

Materials Inventory

	Direct Materials
	Indirect Materials

C.

Materials Inventory

	Work in Process Inventory
	Manufacturing Overhead

D.

Work in Process Inventory
Manufacturing Overhead

Materials Inventory