Section A-Multiple choice Questions - Answer ALL 1. Which of the following is not part of the recording process? a) Analyzing transactions. b) Preparing a trial balance. c) Entering transactions in a journal. d) Posting transactions 2. Adjustments for prepaid expenses: a) decrease assets and increase revenues. b) decrease expenses and increase assets. c) decrease assets and increase expenses. d) decrease revenues and increase assets. 3. Which types of accounts will appear in the post-closing trial balance? a) Permanent (real) accounts. b) Temporary (nominal) accounts. c) Accounts shown in the income statement columns of a wor d) None of the above. 4. Blue Company on July 15 sells merchandise on account to Cherry Co. 2/10, n/30. On July 20, Cherry Co. returns merchandise worth OMR 300 July 24, payment is received from Cherry Co. for the balance due. Wha received? a) OMR 700. b) OMR 680. c) OMR 686 Page 219 Q+ d). None of the above.