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ACC201 QUIZ-2 - 1 Answer The asset section of a classified...

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1. The asset section of a classified balance sheet usually includes: Answer Current assets, investments, plant assets and intangible assets Current assets, long-term assets, revenues and intangible assets Current assets, investments, plant assets and equity Current liabilities, investments, plant assets and intangible assets Current assets, liabilities, plant assets and intangible assets 1 points Question 2 1. A trial balance prepared before any adjustments have been recorded is: Answer An adjusted trial balance Used to prepare financial statements An unadjusted trial balance Correct with respect to proper balance sheet and income statement amounts Only prepared once a year 1 points Question 3 1. The 12-month period that ends when a company's activities are at their lowest point is called the: Answer Fiscal year Calendar year Natural business year Accounting period Interim period 1 points Question 4 1. A post-closing trial balance reports: Answer
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