Pearson MyLab Accounting LR Chapter 4 pt 1

Which of the following choices lists assets in order of​ liquidity?

Cash, Accounts​ Receivable, Office​ Supplies, Buildings

The​ Owner's Capital balance that appears on the classified balance sheet is transferred from the ending balance on the income statement.

False

Any portion of a​ long-term liability that is due within the next year is classified as a​ long-term liability.

False. I don't have a clue what that means but I guessed and got it right lmao

The Owner Withdrawals account appears on the income statement.

False. (Its on the statement of owner's equity)

The adjusted trial balance is used to prepare the financial statements in which of these​ orders?

Income​ Statement, Statement of​ Owner's Equity, Balance Sheet

Which of the following choices lists all temporary​ accounts?

Income​ Summary, Owner​ Withdrawals, Service​ Revenue, Supplies Expense (which is a bunch of bs honestly - 'supplies expense' isn't the only expense that is a temp account)

Which of the following lists the closing process in the correct​ order?

1) Revenues closed to Income​ Summary, 2) Expenses closed to Income​ Summary, 3) Income Summary closed to​ Owner's Capital,​ 4) Owner Withdrawals closed to​ Owner's Capital

Which of the following choices lists all permanent​ accounts?

Accounts​ Payable, Cash, Unearned​ Revenue, Owner's Capital

Which of the following assets would be classified as a​ long-term asset? ​(check all that​ apply)

Buildings Patents A bond intended to be held for at least 3 years

that's all folks

thanks for coming to my Ted Talk

A classified balance sheet places each asset and each liability into a specific category.

True

All balance sheet accounts are permanent accounts.

True

By completing the closing process the business is following the time period concept by slicing its activities into small time segments and preparing financial statements for only those specific periods.

True

The closing process ​(check all that ​apply)​:

Updates the​ Owner's Capital account Gets the accounts ready for the next period

The Income Summary account is ​(check all that ​apply)​:

Summarizes net income​ (or loss) for the period A temporary account

Which of the following assets would be classified as a current​ asset? ​(check all that ​apply)​:

Office supplies Furniture

The purpose of the closing process is to ​(check all that ​apply)​:

Zero out all temporary accounts Update the Owner's Capital account