简答题Both revenues and gains increase both net income and owners' equity.简答题The income statement is useful for helping to assess the risk or uncertainty of achieving future cash flows.简答题Which of the following accounts would never appear in the after-closing trial balance? A、Unearned revenue B、Depreciation expense C、Accumulated depreciation D、Capital简答题The primary advantage of the multiple-step format lies in the simplicity of presentation and the absence of any implication that one type of revenue or expense item has priority over another.简答题Real accounts can only be closed at the end of the year with a single compound entry.简答题Classified balance sheet presents the components of assets and liabilities classified as current and non-current items.简答题The single-step income statement separates operating sources of income from non-operating ones.简答题Liabilities are classified into current liabilities and non-current liabilities.简答题Unearned revenue never appears in the after-closing trial balance.简答题Liabilities that are required to be paid within a year are classified as current liabilities. If the normal operating cycle is longer than a year, liabilities that are required to be paid during the normal operating cycle are classified as current liabilities.简答题Closing entries would be prepared before ____ A、financial statements are prepared. B、a post-closing trial balance. C、an adjusted trial balance. D、adjusting entries.简答题Which of the following accounts is not closed to the Income Summary account at the end of the accounting period? A、Rent expense. B、Accumulated depreciation. C、Depreciation expense. D、Supplies expense.简答题Closing entries are not included in an end-of-period work sheet.简答题An expense is best defined as A、any payment of cash for the benefit of the company. B、past, present, or future payments of cash required to generate revenues. C、past payments of cash required to generate revenues. D、future payments of cash required to generate revenues.简答题During the closing process, A、all income statement accounts are credited to income summary. B、all income statement accounts are debited to income summary. C、all revenue accounts are credited and expense accounts are debited. D、all revenue accounts are debited and expense accounts are credited.多选题The income summary account has debits of 85,000. The company had which of the following: ____ A、net income of 180,000. C、net loss of 180,000.简答题Stockholders’ equity are classified into paid-in capital and retained earnings.简答题Use of a multiple-step income statement will result in the company reporting a higher net income than if they used a single-step income statement.简答题Which of the following is a limitation of the balance sheet? A、Many items that are of financial value are omitted. B、Judgments and estimates are used. C、Current fair value is not reported. D、All of these.简答题The purpose of closing entries is to prepare revenue and expense accounts for recording the transactions of the next accounting period.