Exam 1 - 1 Which of the following accounts must be closed...

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1. Which of the following accounts must be closed at the end of every accounting period? Interest Expense 2. Which of the following accounting assumptions/principles best relates to one of the reasons why adjusting entries are made to revenue, expense, assets, and liabilities accounts? Periodicity assumption 3. If there is a transaction causing total liabilities to decrease by 4000, then which of the following set of potential items could also be a result of this transaction? Net income increased by 4000 and assets decreased by 4000 4. Know perpetual inventory method 5. Zonko’s joke shol sold merchandise for 38000 cash during the month of July. Returns that month totaled 800. If the company’s gross profit rate is 40%, zonko’s joke show will report monthly net sales revenue and cost of goods sold as: 37200 and 22320 6. The statement of cash flows would disclose the pyment of cash dvidends in the financing activities section 7. Value of dividients: Retained earnings+net income-ratained earnings following year 8. Depreciation: allocating the cost of an asset to expense over its useful life in a systematic rational manner 9. Unearned ticket revenue 10.
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