Question 12 the asset section of a classified balance

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Question 12The asset section of a classified balance sheet usually includes:Answers:a.Current assets, investments, plant assets, andintangible assets.b.Current assets, long-term assets, revenues, andintangible assets.c.Current assets, investments, plant assets, andequity.d.Current assets, liabilities, plant assets, andintangible assets.
Question 13Which of the following accounts would be closed at the end ofthe accounting period?Answer
c.Retainedearnings.d.Land.Question 14The current ratio:Answer
Question 15An account linked with another account that has an oppositenormal balance and that is subtracted from the balance of therelated account is this:Answer
b.Contraaccount.c.Accruedrevenue.d.Adjunctaccount.Question 16Cost of goods sold:Answers:a.Is the term used for the cost of buying and preparingmerchandise for sale.b.Is another term for merchandise sales.c.Is also called gross margin.d.Is another term for revenue.
Question 17What is beginning inventory plus net cost of purchases?
Answer
Question 18A debit to Sales Returns and Allowances and a credit toAccounts Receivable:Answer

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Term
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