The Accounts Which Represent the Resources of the Company Are

question 72

Multiple Choice

The accounts which represent the resources of the company are called:

• A) Liabilities.
• B) Revenues.
• C) Expenses.
• D) Assets.

Calculate the ending owner's equity based on net income/loss and owner's drawings.

Describe the preparation and purpose of a post-closing trial balance.

Identify which accounts are closed at the end of the accounting period and which are not.

Recognize the sequential order of the accounting cycle's final stages.