Question 1

Which of the following accounts is not closed at period end?

Group of answer choices

Service Revenue

Rent Expense

Accumulated Depreciation

Depreciation Expense

Question 2

The accounting cycle ends with the

Group of answer choices

Balance Sheet

Closing Entries

Adjusted Trial Balance

Post-Closing Trial Balance

Question 3

The current ratio is calculated from the

Group of answer choices

Income Statement

Statement of Owner's Equity

Balance Sheet

Statement of Cash Flows

Question 4

If Service Revenue has a normal balance of $30,000, to close it you must

Group of answer choices

credit it for $30,000

debit it for $30,000

Revenues are not closed

do nothing

Question 5

Balance Sheet accounts are

Group of answer choices

permanent

temporary

nominal

classified

Question 6

Temporary Accounts are also called

Group of answer choices

real accounts

closed accounts

bank accounts

nominal accounts

Question 7

The Debt Ratio

Group of answer choices

Is calculated from the Income Statement

Indicates how much of the assets belong to the owner

Is calculates by taking the plant assets and subtracting the current liabilities from them

Indicates how much of the assets belong to creditors

Question 8

The process by which companies produce their financial statements for a given period is called the

Group of answer choices

business cycle

Income Summary

accounting cycle

motor cycle

Question 9

The Income Summary must have a ____ ___________ at the end of the closing process.

Group of answer choices

positive balance

negative balance

zero balance

trial balance

Question 10

The Current Ratio will indicate to investors and lenders

Group of answer choices

That the financial statements are current

That liabilities can be paid with the assets a company currently holds

How well current liabilities can be paid with current assets

How well current assets can be paid with current liabilities