1.      It is a working tool for the accountant.

     A worksheet is a permanent accounting record.

   Which of the following characteristic is true about a worksheet?

   Accounts that are closed.

   Which of the following is not a permanent account?

The closing process applies to both temporary and permanent accounts

    Owner’s drawing does not move to the income summary account.

All temporary accounts will have a zero after posting the closing entries.

The owner’s capital is the total equity of the owner at the beginning of theaccounting period.

   What is the first step in the accounting cycle.

When to correct entries?

    The closing entry process consists of closing

    These are the gross increases in owner’s equity as a result of selling of goods, rendering of service to customers and so on.

     The amounts of debits and credits in the journal are then transferred ledger through a process called

Unearned income is shown in the balance sheet as a