Accounts with balances that are carried over to future years.is a - expense account b- withdrawal...

  

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Accounts with balances that are carried over to future years.is a - expense account b- withdrawal account c-permanent account d temporary account This trial balance is created after adjusting journal entries have been recorded.is a-post closing trial balance b-pre closing trial balance c-unadjusted trial balance d-adjusted trial balance The temporary account used only in the closing process to hold the amounts of revenues and expenses before the net difference is added or subtracted from the owner's capital account is called the a - Income Summary account. b- Closing account c-Nominal account d-Contra account. Which of the following is the usual final step in the accounting cycle? a - Journalizing transactions b- Preparing a post-closing trial balance. c - Preparing an adjusted trial balance d- Preparing the financial statements . A classified balance sheet: a - Measures a company's ability to pay its bills on time. b - Reports operating, investing, and financing activities. c- Organizes assets liabilities and equity into important subgroups d - Reports the effect of profit and withdrawals on owner's capital. The assets section of a classified balance sheet usually includes the subgroups: a - Current assets, long-term investments, plant assets, and equity. b - Current liabilities, long-term investments, plant assets, and intangible assets. c - Current assets, liabilities, plant assets, and intangible assets. d - Current assets, long-term investments, plant assets, and intangible assets. Accounts with balances that are carried over to future years.is a - expense account b- withdrawal account c-permanent account d temporary account This trial balance is created after adjusting journal entries have been recorded.is a-post closing trial balance b-pre closing trial balance c-unadjusted trial balance d-adjusted trial balance The temporary account used only in the closing process to hold the amounts of revenues and expenses before the net difference is added or subtracted from the owner's capital account is called the a - Income Summary account. b- Closing account c-Nominal account d-Contra account. Which of the following is the usual final step in the accounting cycle? a - Journalizing transactions b- Preparing a post-closing trial balance. c - Preparing an adjusted trial balance d- Preparing the financial statements . A classified balance sheet: a - Measures a company's ability to pay its bills on time. b - Reports operating, investing, and financing activities. c- Organizes assets liabilities and equity into important subgroups d - Reports the effect of profit and withdrawals on owner's capital. The assets section of a classified balance sheet usually includes the subgroups: a - Current assets, long-term investments, plant assets, and equity. b - Current liabilities, long-term investments, plant assets, and intangible assets. c - Current assets, liabilities, plant assets, and intangible assets. d - Current assets, long-term investments, plant assets, and intangible assets.

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Answers 7 c Permanent account 8 d Adjusted trial balance 9 a Income Summary account 10 b Preparing a postclosing trial balance 11 c Organizes assets l... View the full answer