Closing entries a need not be journalized since they

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INTRO TO ACCOUNTING EXAM 7.odt

Question 30   of 40 2.5 / 2.5 Points The correct order for closing accounts is __________.
A. revenue , expenses , income summary , withdrawals
B. revenue , income summary , expenses , withdrawals
C. revenue , expenses , capital , withdrawals
D. revenue , capital , expenses , withdrawals
Question 31   of 40 2.5 / 2.5 Points Closing entries _ _ _ _______.
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Question 32   of 40 2.5 / 2.5 Points Assets that are not expected to provide benefits for a number of accounting periods are called __________.
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Question 33   of 40 2.5 / 2.5 Points Closing entries are prepared __________.
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Question 34   of 40 2.5 / 2.5 Points Comparative reports in which each item is expressed as a percentage of a base amount without dollar amounts are called __________.
A. comparative financial statements
B. common-size statements
C. cash flow analysis
D. horizontal analysis
Answer:  B.   common-size statements
Question 35   of 40 2.5 / 2.5 Points Which of the following assets would not be classified as property , plant , and equipment ?
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Question 36   of 40 2.5 / 2.5 Points An account in which the balance is not carried over from one accounting period to the next is called a __________.
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Question 37   of 40 2.5 / 2.5 Points If current assets are $ 75,000 and current liabilities are $ 15,000 , the current ratio is __________.
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Question 38   of 40 0.0 / 2.5 Points The final step in the accounting cycle is __________.
A. preparing the post - closing trial balance
B. preparing the financial statements
C. journalizing the closing entries
D. journalizing the adjusting entries
Answer:  B.   preparing the financial statements
Question 39   of 40 2.5 / 2.5 Points To close the Withdrawals account __________.
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Question 40   of 40 2.5 / 2.5 Points If current assets are $ 60,000 and current liabilities are $ 50,000 , the current ratio is __________.
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Closing entries __________.A. need not be journalized since they appear on the worksheetB. need not be posted if the financial statements are prepared from the worksheetC. are not needed if adjusting entries are preparedD. must be journalized and posted
Question 32 of 402.5/ 2.5 PointsAssets that are not expected to provide benefits for a number of accounting periods are called __________.
Question 33 of 402.5/ 2.5 PointsClosing entries are prepared __________.
Question 34 of 402.5/ 2.5 PointsComparative reports in which each item is expressed as a percentage of a base amount without dollar amounts are called __________.
Question 35 of 402.5/ 2.5 PointsWhich of the following assets would not be classified as property, plant, and equipment?A. delivery truckB. copyrightC. landD. furniture
Question 36 of 402.5/ 2.5 PointsAn account in which the balance is not carried over from one accounting period to the next is called a __________.
Question 37 of 402.5/ 2.5 PointsIf current assets are $75,000 and current liabilities are $15,000, the current ratio is __________.
Question 38 of 400.0/ 2.5 PointsThe final step in the accounting cycle is __________.
Question 39 of 402.5/ 2.5 PointsTo close the Withdrawals account __________.A. debit Withdrawals; credit CapitalB. debit Capital; credit WithdrawalsC. debit Withdrawals; credit Income SummaryD. debit Income Summary; credit Withdrawals
Question 40 of 402.5/ 2.5 PointsIf current assets are $60,000 and current liabilities are $50,000, the current ratio is __________.

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