95. The divide balance sheet will certainly subsection the assets as follows A. Current Assets and also Other AssetsB. Current Assets and also Property, Plant, and EquipmentC. Current Assets and also Long-Term AssetsD. Other Assets and also Property, Plant, and also Equipment


96. The share balance paper will have actually liabilities divided into the complying with subsections A. Current Liabilities and Long-Term LiabilitiesB. Current Liabilities and Other LiabilitiesC. Other Liabilities and Long-Term LiabilitiesD. Present Liabilities and also Tomorrow’s Liabilities


97. Current liabilities are those liabilities the  A. will be payment in less than one yearB. are because of be payment in 5 to 10 yearsC. are because of be payment in an ext than one yearD. are fan to the stockholders and will never ever be paid


98. On the balance sheet, stockholders’ same is A. added to assets and the two space equal to liabilitiesB. added come liabilities and the two room equal come assetsC. subtracted from liabilities and the net amount is same to assetsD. subtracted native assets and the net amount is same to net income


99. Balance sheet accounts A. represent amounts gathered during a specific duration of timeB. are dubbed real accountsC. have zero balances ~ the close up door entries have been postedD. are equal to assets and also liabilities


100. On which financial statement will certainly Income summary be shown? A. retained earnings statementB. balance sheetC. income statementD. none of these


101. Which the the adhering to is not true about closing entries? A. There are 4 closing entries that upgrade the retained earnings account.B. After the 2nd closing entry, the income summary account is same to the net revenue or (loss) because that the period.C. All genuine accounts are closed in ~ the finish of the period.D. By closeup of the door nominal account at the finish of the duration to zero, the is possible to isolate next period’s information correctly.


102. The income an introduction account is likewise called A. the imprest accountB. the clearing accountC. the adjustments accountD. the useful account


103. After posting the second closing entry to the income an introduction account, the balance will certainly be equal to A. zeroB. retained earningsC. revenues for the periodD. the net earnings or (loss) for the period


104. What is the critical account that have to be provided in the post-closing attempt balance? A. Income SummaryB. Retained EarningsC. CashD. Fees Earned