Question 12 the asset section of a classified balance


Question 12
The asset section of a classified balance sheet usually includes:
Answer
s:
a.
Current assets, investments, plant assets, and
intangible assets.
b.
Current assets, long-term assets, revenues, and
intangible assets.
c.
Current assets, investments, plant assets, and
equity.
d.
Current assets, liabilities, plant assets, and
intangible assets.

Question 13
Which of the following accounts would be closed at the end of
the accounting period?
Answer

c.
Retained
earnings.
d.
Land.

Question 14
The current ratio:
Answer

Question 15
An account linked with another account that has an opposite
normal balance and that is subtracted from the balance of the
related account is this:
Answer

b.
Contra
account.
c.
Accrued
revenue.
d.
Adjunct
account.

Question 16
Cost of goods sold:
Answer
s:
a.
Is the term used for the cost of buying and preparing
merchandise for sale.
b.
Is another term for merchandise sales.
c.
Is also called gross margin.
d.
Is another term for revenue.

Question 17
What is beginning inventory plus net cost of purchases?

Answer

Question 18
A debit to Sales Returns and Allowances and a credit to
Accounts Receivable:
Answer