TRUE or FALSE (20 points)
1
Accumulated Depreciation is a permanent account.
True
2
The dividends account is a temporary account
3
The accumulated depreciation account is closed to the incomesummary account.
4
Office Equipment is an example of a current asset account.
5
The amount of the net income for a period appears on both theincome statement and the balance sheet for that period.
6
Generally accepted accounting principles require accrual -basisaccounting
7
Unearned revenue is a liability.
8
The financial statements are prepared from the unadjusted trialbalance.
9
After analyzing transactions, the next step would be to post thetransactions in the ledger.
10
Prepaid Insurance is an example of a current asset.
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