Which one of the following steps in the accounting cycle is optional rather than required?
a. Business transactions are recorded
b. Adjustments are recorded
c. The accounts are closed
d. Work sheets are prepared
d
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The correct adjusting entry for accrued and unpaid employee salaries of $9,000 on December 31 is:
A. debit Salary Expense, $9,000; credit Cash, $9,000 B. debit Salary Expense, $9,000; credit Salaries Payable, $9,000 C. debit Salary Expense, $9,000; credit Prepaid Salary, $9,000 D. debit Salaries Payable, $9,000; credit Salary Expense $9,000 E. debit Salary Expense, $9,000; credit Fees Earned, $9,000
Federal rules on health savings accounts and medical savings accounts require that employees who have these accounts also participate in something called a ______.
A. high-deductible health plan B. preferred provider organization C. health maintenance organization D. worker’s compensation plan
A clean work area indicates
a. that you have nothing to do. b. that you are out of your work area. c. a sign of neglect. d. a safe and efficient work area.
Net working capital refers to which of the following?
A) Current assets B) Current assets minus current liabilities C) Current assets minus inventory D) Current assets divided by current liabilities