FirstExamAcc122Spring2021 Review View 23 | 21 | AaBbCcDdEe AaBb Ccode AaBbCcDc Aabo de A Heading 1 Heading Normal No Spacing th trial of Microsoft 365 or sign in to activate an existing subscription. Problem in 1) "Supplies Expense" is an example of: A) Asset account B) Liability account C) Owner's Equity account D) Contra-asset account 2) When someone owes your company money, it is an example of: A) Accounts Payable B) Accounts Receivable C) Unearned Revenue D) Prepaid Services 3) Which of the following is a current asset? A) Accounts Receivable B) Equipment C) Unearned Revenue D) Service Revenue 4) Which of the following would not be closed at the end of the accounting period? A) Service Revenue B) Unearned Revenue C) Rent Expense D) withdrawals stesi FirstExamAcc122 Spring2021 Review View Ever 21 AaBbCcDdEe AaBbCcDdEe AaBbCcDc AaBb CcDde Aa Normal No Spacing Heading 1 Heading 2 Lrial of Microsoft 365 or sign in to activate an existing subscription 8) The first step in the accounting cycle is: A) A transaction occurring B) Preparing the journal entry C) Posting to the T-account D) Preparing the trial balance 9) Which of the following accounts is found on the Owner's Equity Statement: A) Cash B) Service Revenue c) Withdrawals D) Rent Expense 10) According to Generally Accepted Accounting Principles revenues are recognized: I A) When they are earned B) When cash is received C) When bills are sent out D) Whenever it is advantageous to do so