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单选题 An expense account is normally closed by debiting Income Summary and crediting the expense account.( )
学科：会计学（全英）
时间：2023-12-22 14:13:25
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题目1单选题
An expense account is normally closed by debiting Income Summary and crediting the expense account.( )A. TrueB. False
题目2单选题
If a company has current assets of $15,000 and current liabilities of $9,500, its current ratio is 1.6( )A. TrueB. False
题目3单选题
Dana Simon, the proprietor of fruit drink, had annual revenues of $185,000, expenses of$103,700, and withdrew $18,000 from the business during the current year. The owner's capital account before closing had a balance of $297,000. The ending owner's capital balance after closing is:( )A. $360,300B. $81,300C. $63,300D. $378,300E. $185,000
题目4单选题
Journal entries recorded at the end of each accounting period to prepare the revenue, expense, and withdrawals accounts for the upcoming period and to update the owner's capital account for the events of the period just finished are referred to as:( )A. Closing entriesB. Adjusting entriesC. Updating entriesD. Work sheet entriesE. Final entries
题目5单选题
The withdrawals account is normally closed by debiting it.( )A. TrueB. False
题目6单选题
Accrued revenues:( )A. At the end of one accounting period result in cash receipts in a future periodB. Are listed on the balance sheet as liabilitiesC. At the end of one accounting period often result in cash payments in the next periodD. Are recorded at the end of an accounting period because cash has already been received for revenues earnedE. Are also called unearned revenues
题目7单选题
Closing the temporary accounts at the end of each accounting period does all of the following except:( )A. Brings the revenue and expense accounts to zero balancesB. Serves to transfer the effects of these accounts to the owner's capital account on the balance sheetC. Has no effect on the owner's capital accountD. Causes owner's capital to reflect increases from revenues and decreases from expenses and withdrawalsE. Prepares the withdrawals account for use in the next period
题目8单选题
Current liabilities include accounts receivable, unearned revenues, and salaries payable.( )A. TrueB. False
题目9单选题
Intangible assets are assets that are long-term, have physical form, and are used to produce or sell products and services.( )A. TrueB. False
题目10单选题
A company had no office supplies available at the beginning of the year. During the year, the company purchased $250 worth of office supplies. On December 31, $75 worth of office supplies remained. How much should the company report as office supplies expense for the year?( )A. $175B. $75C. $325D. $125E. $250
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