A transaction that involves the balance sheet does not alwavs impact net worth. 0 a) False O bl Depends on the value 0 C} Depends on the accounting policv O 5\" True Question 1? (1 point} If you fill up your car with $20 worth of gas in March and charge the purchase to your credit card to be paid in April, in which month is it regarded as an expense? 0 a) In April because that is when the credit card bill is paid 0 b) In March because that is when the expense was incurred O C} It depends on the expiryr date of the credit card 0 5\" None of the available choices Question 13 (1 point} Which of the following is FALSE regarding the preparation of financial statements? 0 31' The first step is to record transactions in the journal 0 b} Account balances are taken from the trial balance and posted to the general ledger O C} Adjusting entries occur before closing entries 0 d} The post-closing trial balance contains only:r balance sheet accounts \fQuestion 20 {1 point} Which of the following accounts will NOT show on the post-closing trial balance? 0 a) Accounts Payable O bl Owner's Equity 0 Cl Rent Expense 0 dl Cash Question 21 (1 point} Which one of the following accounts is decreased by a credit entry? 0 3) Revenue 0 '3} Bank Loan 0 C) Accounts Payable O 5\" Cash Question 22 (1 point} The fact that a trial balance is balanced does not necessarily mean that all transactions were correctly recorded. Which of following errors may occur but still leave the trial balance in balance? 0 a) An entire journal entry was omitted. O bl An entire journal entry was recorded or posted twice. 0 Cl Incorrect amounts were used for the journal entry. 0 C\" All of the choices