Two common subgroups for liabilities on a balance sheet are:

a$)$ Current liabilities and intangible liabilities.

b$)$ Present liabilities and operating liabilities.

c$)$ General liabilities and specific liabilities.

d$)$ Current liabilities and long$-$term liabilities.

Which of the following is classified as a current asset?

a$)$ Equipment.

b$)$ Buildings.

c$)$ Accounts receivable.

d$)$ Land.

The account used in the closing process in which total revenues and total expenses are closed is the:

a$)$ Income Summary account.

b$)$ Closing account.

c$)$ Balance column account.

d$)$ None of the above.

If revenues for the period are $$64,200,$ expense are $$44,300,$ and withdrawals are $$12,600.$ What is the correct closing entry for the revenue accounts?

a$)$ Debit Income Summary $$64,200$; credit revenues $$64,200.$

b$)$ Debit revenues $$64,200$; credit expenses $$46,000.$

c$)$ Debit revenues $$64,200$; credit Income Summary $$64,200.$

d$)$ Debit Income Summary $$46,000$; credit revenues $$46,000.$

Suzan withdrew a total of $$26,000$ from her business during the current year. The entry needed to close the withdrawals account is:

a$)$ Debit Income Summary and credit Cash for $$26,000.$

b$)$ Debit Income Summary and credit Suzan, Withdrawals for $$26,000.$

c$)$ Debit Suzan, Capital and credit Suzan, Withdrawals for $$26,000.$

d$)$ None of the above.

Which of the following is a temporary account?

a$)$ Buildings.

b$)$ Cash.

c$)$ Accounts Receivable.

d$)$ Depreciation Expense.

END OF QUZ