A land and building account is an example of an:

a) temporary account
b.) permanent account
c) liability account
d) expenses account

Assume Howard Manufacturing Corporation completed the following transactions: d. Purchased store fixtures for $80,000 (cash). The fixtures are expected to remain in service for ten years and then be sold for$80,000. Howard Manufacturing uses the straight-line depreciation method.

For each transaction, show what Howard Manufacturing would report for investing activities on its statement of cash flows. Show negative amounts in parentheses.

Sims Company received cash from the issue of common stock this event is ____________.

When you arrange to pay a retainer for a lawyer, you are actually _____.

a. Agreeing to pay the lawyer with your winnings

b. Reducing the overall legal bill you will have

c. Paying the lawyer in advance for work

d. Making an appointment to discuss fees in the future

Hurd Inc. prepays rent every 3 months on March 1, June 1, September 1, and December 1. Rent for the 3 months totals $3,600. On December 31, 2019, Hurd will report Prepaid Rent of:

a.$0

b. $1,200

c.$2,400

d. $3,600

Which of the following accounts is not a permanent account?

A. Cash

B. Accounts Payable

C. Salaries Expense

D. Thomas Bernard, Capital

Which of the following is a nominal (temporary) account?

A. Retained Earnings

B. Unearned Service Revenue

C. Salaries and Wages Expense

D. Inventory

Which of the following is a nominal (temporary) account?

• a. Unearned Revenue
• b. Salary Expense
• c. Inventory
• d. Retained Earnings

Which one of the following accounts will not appear in a balance sheet?

a.) temporary account
b.) permanent account
c.) asset account
d.) owners equity account

At the end of October, the first month of the business year, the usual adjusting entry transferring rent earned to a revenue account from the unearned rent account was omitted. Indicate which items will be incorrectly stated, because of the error, on the balance sheet as of October 31. Also indicate whether the items in error will be overstated or understated

For the current year, journalize the adjusting entries for Webster Corporation.

Allocative efficiency occurs when ______.

Allocative efficiency best explains ________, and productive efficiency best explains ________.

Determine whether the statement is True or False.

The balances of all the accounts that appear on a balance sheet are the same on the adjusted trial balance as they are on a post-closing trial balance.