Which of the following steps in the accounting cycle may be performed more frequently than annually? O Post closing entries. O Prepare a trial balance. O Journalize closing entries. O Prepare a post-closing trial balance. Unearned revenues O occur when the service has been provided and recorded as a liability before cash is received. O arerecorded as liabilities before the service is provided. O occur when the service has been provided and already recorded. O occur when the service has been provided but not yet recorded. Which of the following depicts the proper sequence of steps in the accounting cycle? O prepare a trial balance, prepare financial statements, prepare adjusting entries O prepare a trial balance, prepare adjusting entries, prepare financial statements O prepare a trial balance, post to ledger accounts, post adjusting entries O journalize the transactions, analyze business transactions, prepare a trial balance Which of the following will be affected by a reclassification of assets from current to non- current? O current ratio O accounts payable turnover O total assets O income summary An intangible asset O derives its value from the rights and privileges it provides the owner. O is aliability because it has no physical substance. O is never amortized because it has an indefinite life. O cannot be classified on the balance sheet because it lacks physical substance. The balance in the Owner's Drawings account after all closing entries have been posted will be equal to O the profit (or loss) for the period. O the cash withdrawn by the owner during the period. O the balance in the Owner's Capital account. O zero. On July 1 Bonita Gallery paid $4900 to Fairy Realty for four months rent beginning July 1. Prepaid Rent was debited for the full amount. If financial statements are prepared for August 31, the adjusting entry to be made by Bonitais O debit Rent Expense, $2450; credit Prepaid Rent, $2450. O debit Rent Expense, $4900; credit Prepaid Rent, $4%200. O debit Rent Expense, $1225; credit Prepaid Rent, $3675. O debit Prepaid Rent, $2450; credit Rent Expense, $2450. A chart of accounts is O a relatively simplistic way of classifying accounts. O only necessary for manual systems. O the first step in designing an accounting system. O used only in companies with a complex business structure.Canadian accounting standards allow a choice of whether or not to use International Financial Reporting Standards for which type of company? O all private corporations in Canada O only small private corporations O banks O public corporations