1. Describe the nature of the assets that compose the following sections of a balance sheet: (a) current assets, (b) property, plant, and equipment. 2. What is the difference between a current liability and a long-term liability? 3. What is the difference between adjusting entries and closing entries? 4. Describe the four entries that close the temporary accounts. 5. What types of accounts are referred to as temporary accounts?

Identify whether each of the following accounts is permanent or temporary A. Accounts Receivable  B. Fees Earned Revenue  C. Utility Expense D. Prepaid Rent

Which of the following are all temporary accounts? a.Liabilities and assets b.Liabilities, revenue, and expenses c.Assets, liabilities, and owner's Drawing d.Revenue, expenses, and the Owner's Drawing e.Revenue, liabilities, and the owner's Drawing

Which of the following entries properly closes a temporary account? Select one: a. Income Summary XX Cash b. C. Debit Credit Expense Accumulated Depreciation XX Income Summary Income Summary d. e. XX Retained Earnings XX Dividends Debit Credit Debit Credit XX Debit Credit Income Summary XX Revenue XX XX Debit Credit XX XX

Which of the given series have the same normal balances in the Accounting Equitation? Select one: a. Assets & Expenses b. Assets & Liabilities c. Revenue & Owner's Drawings d. Liabilities & Expenses

Identify the type of account (Asset, Liability, Equity, Revenue, Expense), normal balance (Debit, Credit), financial statement (Balance Sheet, Income Statement), and whether the account is closed at the end of the period (Yes, No) by selecting the letter that best describes those attributes. If an account is a contra or adjunct account, the answer will show the account type in parentheses. Answer items may be used once, more than once, or not at all. Retained Earnings 1. Equity, Credit, Balance Sheet, No 2. Freight-Out Liability, Credit, Balance Sheet, No V Loss on Impairment of Intangible Assets 3. Expense, Debit, Income Statement, Yes 4. Gain on Acquisition of Business (Equity), Debit, Balance Sheet, No 5. Amortization of Copyrights Asset, Debit, Income Statement, Yes Allowance for Doubtful Accounts 6. Expense or Loss, Credit, Income Statement, Yes Land 7. Revenue or Gain, Credit, Income Statement, Yes Federal Income Tax Withheld 8. (Revenue or Gain), Debit, Income Statement, Yes…