Which of the following accounts would not be closed at the end of an accounting period? Select one: a Capital O b. Income Summary Oc. Expense O d. Revenue Clear my choice

An accounting entry that is characterized by having multiple debits and/or multiple credits is called a entry. A. chart of accounts O B. compound journal O C. posted O D. balanced Click to select vour answer.

29.Which of the following accounts would not be closed to the income summary account at the end of a period?   a. Laundry Revenue b. Wages Expense c. Rent Expense d. Accumulated Depreciation

The type of account with a normal credit balance is: Group of answer choices an asset drawing a revenue an expense

Match the statements below with the accounting assumption, characteristic, or principle to which the statement relates. Assumptions/characteristics/principles may be used once, more than once, or not at all. Recorded when the performance obligation is satisfied. a. Revenue recognition principle V The reason for recording accruals and deferrals in adjusting entries. b. Matching principle Valuing assets at amounts originally paid for them. C. Historical cost principle Entity assumed to have a long life d. Going concern assumption Description of significant accounting policies and unusual events. e. Full disclosure principle v Information has predictive and confirmatory value. T. Relevance characteristic 8. Consistency characteristic

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