This paper circulates around the core theme of Which one of the following is a temporary account together with its essential aspects. It has been reviewed and purchased by the majority of students thus, this paper is rated 4.8 out of 5 points by the students. In addition to this, the price of this paper commences from £ 99. To get this paper written from the scratch, order this assignment now. 100% confidential, 100% plagiarism-free.
Choose the most appropriate answer.1. Which one of the following is a temporary account?a. Cashb. Accounts Receivablesc. Insurance Expensed. Accounts payable2. The term used for the difference between fair value of a company and the purchaseprice is:a. Trade Markb. Market Valuec. Good Willd. Purchase Price3. Financial statement (s) that has all temporary accounts is:a. Balance Sheetb. Income Statementc. Cash Flow Statementd. Statement of Ownerâs Equity4. The accounting cycle runs in the sequencea. Analyze, journalize, post, adjust, and prepare statements, closeb. Post, journalize, analyze, prepare statements, close, adjustc. Prepare statements, journalize, post, adjust, close, analyzed. Journalize, post, close, prepare statements, adjust, analyze5. After all the closing entries have been posted, what will be the balance of the incomesummary account?a. A debit if a net income has occurredb. A debit if a net loss has occurredc. A credit if a net loss has occurredd. Zero6. Which one is TRUE about Post-Closing trial balance?a. Be prepared before closing entries are posted to the ledgerb. Contain both income statement and balance sheet accountsc. Contain only balance sheet accountsd. Contain only income statement accounts7. Revenue from services is classified as:a. Investing Inflowb. Operating Inflowc. Investing Outflowd. Operating Outflow8. If the cost of a building is Rs. 90, 000 and its estimated useful life is 30 years. Thedepreciation expense for one month is:a. Rs. 600b. Rs. 250c. Rs. 300d. Rs. 5009. The supplies on hand account have a balance of Rs. 1500 at year end. The actualamount of supplies on hand at the end of period is Rs. 400. The necessary adjusting entryis:a. Dr. Supplies on HandRs. 1100Cr. Supplies Expenseb. Dr. Supplies ExpenseRs. 400Cr. Supplies on Handc. Dr. Supplies ExpenseCr. Supplies on Handd. Dr. Supplies on HandCr. Supplies ExpenseRs. 1100Rs. 400Rs. 1100Rs. 1100Rs. 400Rs. 40010. If a company hasRevenue Rs. = 45,000,Expenses were Rs. = 37,500,Ownerâs withdrawals = Rs. 10,000.Calculate the amount of net income or net loss of the company.a. Profit of $ 15, 00b. Loss of $ 25, 00c. Profit of $ 25, 00d. Loss of $25,000
