Which of the following accounts are closed at year end

Reference no: EM131018661

Don't know the answers for each question...

1,Which of the following would not appear in a post-closing trial balance?

a. Accumulated Depreciation
b. Unearned Service Fees
c. Accounts Receivable
d. Depreciation Expense

2.Accumulated Depreciation:

a. is offset against total assets on the balance sheet
b. increases on the debit side
c. is a contra-liability account
d. has a normal credit balance

3.Which of the following accounts are closed at year-end?

a.service fees
b. accumulated depreciation
c. accounts receivable
d. accounts payable

4. Which of the following accounts appears on a formal balance sheet?

a. owner's drawing
b. depreciation expense
c. unearned service fees
d. utilities expense

5 Which of the following accounts appears in a formal income statement?

a. accumulated depreciation
b. owner's drawing
c. accounts receivable
d. utilities expense

6.The balance sheet

a. shows the results of operations for a period of time
b. shows the financial position of a company at a point in time
c. shows the cash flows from operations for a period of time
d. only can show financial position when the company uses the cash basis of accounting.

Reference no: EM131018661

Questions Cloud

Draw a graph of the firm demand curve : In the space below draw a graph of the firm's demand curve and its marginal cost curve. Label this graph clearly and completely. Redraw the graph you had in (a) so that you can use it to guide your work in (d)

Write a critical analysis paper about the story of an hour : Write a Critical Analysis Paper about The Story of An Hour. You are analyzing/interpreting the literature on your own and coming up with your own thesis.

What is the required rate of return on this stock : The common stock of Wetmore Industries is valued at $63.7 a share. The company increases their dividend by 3.8 percent annually and expects their next dividend to be $3. What is the required rate of return on this stock?Note: Enter your answer rou..

Assume oahu kikis records show the following for the month : Assume Oahu Kiki's records show the following for the month of January. Sales totaled 310 units.

Which of the following accounts are closed at year end : Which of the following would not appear in a post-closing trial balance? a. Accumulated Depreciation, b. Unearned Service Fees, c. Accounts Receivable, d. Depreciation Expense

Explain how the gospel is both inclusive and exclusive : Define the [pre-] Gnosticism that St. Paul is addressing in Colossians. What is it basically? Elaborate regarding its core elements in terms of it occult teaching, ritualism, asceticism, and worship. Most importantly study Colossians 2 to explain ..

Write equation in slope-intercept form for libby budget line : Write an equation in slope-intercept form for Libby's budget line. Suppose that Libby maximizes her utility given budget line 1 when she selects a bundle that includes 20 sodas. How many balloons are in this optimal consumption bundle

What can we say about the demand curve : What effect would very bad weather destroying much of the wheat crop have on the market for wheat - What can we say about the demand curve

What is the internal rate of return of a project : What is the internal rate of return (IRR) of a project that costs $45,000 if it is expected to generate $15,047 per year for five years?

User Account

All Pages