Test 2 - Chapter 4 The recurring steps performed each...

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Chapter 4 The recurring steps performed each reporting period, starting with analyzing and recording transactions in the journal and continuing through the post-closing trial balance, is referred to as the: Accounting cycle. Which of the following is the usual final step in the accounting cycle? Preparing a post-closing trial balance. Another name for temporary accounts is: Nominal accounts. Revenues, expenses, and withdrawals accounts, which are closed at the end of each accounting period are: Temporary accounts. Assets, liabilities, and equity accounts are not closed; these accounts are called: Permanent accounts Chapter 5 A merchandising company: Earns net income by buying and selling merchandise A company had sales of $695,000 and cost of goods sold of $278,000. Its gross margin equals: $417,000 Merchandise inventory: Is a current asset. The current period's ending inventory is: The current period’s beginning inventory Brig Company had $800,000 in net sales, $350,000 in gross profit, and $200,000 in operating expenses.
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