Principles of Accounting I-E-AH Gisselle M. MoshankoChapter 4 QuizQuestion 1/ 2Which of the following is true regarding the flow of data from theAdjusted Trial Balance columns of the end-of-period spreadsheetto the financial statements?The balance of the owner's drawing account will flow intothe statement of owner's equityQuestion 2/ 2Two common classifications of assets are:current assets and property, plant, and equipment.Question 3/ 2Which account would appear in the post-closing trial balance?Salaries PayableQuestion 4/ 2Which if the following is NOT true about closing entries?Closing entries are an optional step in the accounting cycle.Question 5/ 2In the sequence of accounting cycle steps, which step follows thepreparation of the adjusted trial balance?
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Generally Accepted Accounting Principles, Gisselle M Moshanko