Multiple choice

1. It is not true that current assets are assets that a company expects to

use up within one year.

acquire within one year.

realize in cash within one year.

sell within one year.

2. After closing entries are posted, the balance in the owner's capital account in the ledger will be equal to 

the beginning owner's capital reported on the owner's equity statement.

 the amount of the owner's capital reported on the balance sheet.

 zero. 

the net income for the period.

3. When using a worksheet, adjusting entries are journalized 

before the adjustments are entered on to the worksheet. 

after the worksheet is completed and after financial statements have been prepared. 

before the adjusted trial balance is extended to the proper financial statement columns.

4. after the worksheet is completed and before financial statements are prepared.

Liabilities are generally classified on a balance sheet as 

small liabilities and large liabilities. 

tangible liabilities and intangible liabilities. 

present liabilities and future liabilities. 

current liabilities and long-term liabilities.