1. Which of these accounts would not be present in the closing entries? a. Dividends Payable b. Utilities Expense c. Fee...

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1. Which of these accounts would not be present in the closing entries? a. Dividends Payable b. Utilities Expense c. Fee...

1. Which of these accounts would not be present in the closing entries?

a. Dividends Payable

b. Utilities Expense

c. Fees Earned Revenue

d. Insurance Expense

2. Which account would be credited when closing the account for fees earned for the year?

a. Income Summary

b. Accounts Receivable

c. Fees Earned Revenue

d. Unearned Fee Revenue

3. Which of the following accounts is considered a temporary or nominal account?

a. Fees Earned Revenue

b. Prepaid Advertising

c. Unearned Service Revenue

d. Prepaid Insurance

4. If current assets are $100,000 and current liabilities are $42,000, what is the working capital?

a. $58,000

b. 200 percent

c. 50 percent

d. 2.0

5. If a journal entry includes a debit or credit to the Retained Earnings account, it is most likely which of the following?

a. a closing entry

b. an adjusting entry

c. an ordinary transaction entry

d. outside of the accounting cycle

business accounting

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Answer 1

Answer #1

Answers

1. Which of these accounts would not be present in the closing entries?

Correct Answer = Option a. Dividends Payable
This is because Rest all options are temporay accounts (revenues and expenses) while Dividends payable is a LIABILITY account (permanent)

2. Which account would be credited when closing the account for fees earned for the year?

Correct Answer = Option a. Income Summary

3. Which of the following accounts is considered a temporary or nominal account?

Correct Answer = Option a. Fees Earned Revenue = Temporary nominal account (revenue)
Others:

b. Prepaid Advertising [Assets]

c. Unearned Service Revenue [Liabilities]

d. Prepaid Insurance [Assets]

4. If current assets are $100,000 and current liabilities are $42,000, what is the working capital?

Correct Answer = Option a. $58,000
Working Capital = current assets – current liabilities
= 100000 – 42000
= $ 58000

5. If a journal entry includes a debit or credit to the Retained Earnings account, it is most likely which of the following?

Correct Answer = Option a. a closing entry

Retained earnings is debited by closing dividend account or net loss balance and credited by net income balance.

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Answer 2

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