8. The closing entry process consists of closing a. all asset and liability accounts. b. out the Owner's Capital account. C. all permanent accounts. d. all temporary accounts. 9. The final step in the accounting cycle is to prepare a. closing entries. b. financial statements. C. a post-closing trial balance. d. reversing entries. 10. The current ratio is expressed as a. current assets divided by current liabilities. b. current assets minus current liabilities. C. current liabilities divided by non-current liabilities. d. current assets minus owner's equity.

Which of these accounts is (are) credited during the closing process? Sales Revenue onlySales Returns and Allowances onlyInterest Revenue onlySales Revenue, Sales Returns and Allowances, and Interest Revenue

The Income Summary is always closed into the Capital account by the amount of:  Select one: Revenue minus expenses Total assets minus total liabilities plus owner’s equity The Net Income from the previous year’s closed accounts Liabilities minus Capital plus drawings

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

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