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.

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.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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