Multiple Choice
Prince Ltd's year-end trial balance includes the following accounts.
I. Cash
II. Sales revenue
III. Accounts receivable
IV. Owner's capital
V. Interest expense
VI. Interest payable
VII. Prepayments
Which of these are temporary accounts?
A) II, V and VII only
B) II, and V only
C) III and VI only
D) III, VI, and VII only
Correct Answer:
Verified
Correct Answer:
Verified
Q25: Assume that no reversing entries are made
Q26: Which of the following is a permanent
Q27: Retained earnings is what type of account?<br>A)
Q28: Interim statements are:<br>A) summary financial statements.<br>B) only
Q29: A post-closing trial balance provides:<br>A) the starting
Q31: Accounting entries made to reduce the temporary
Q32: Closing an account means:<br>A) reducing the balance
Q33: Which of the following statements is true?<br>A)
Q34: Which of the following accounts is closed
Q35: The end of the financial year for