1. The general term employed to indicate an expense that has not been paid or revenue that has not been received and has not yet been recognized in the accounts is a(n)

a. asset

b. accrual

c. contra asset

d. prepayment

2. all of the following accounts would have normal credit balances, expect

a. accounts payable

b. dividends declared

c. none of the above

d. bank loan payable

e. deferred revenue

3. The retained earnings on the trial balance prepared immediately after posting adjusting entries represents the

a. total shareholder's equity at the trial balance

b. net income for the period

c. retained earnings at the beginning of the period

d. retained earnings at the end of the period