accounting questions help #1!! thanks for the help!!?

Question

1)Which one of the following accounts would NOT be closed at the end of the accounting year?
a)utilities expense, b)sales rev, c)prepaid rent expense, d)wages expense, e)all of the above
2)A post-closing trial balance will show account balances for the
a)real and nominal accounts, b)real accounts only, c)nominal accounts only, d)income statement accounts only, e)none of the above
3)Nominal accounts are
a)temp accounts, b)closed at the end of the accounting period, c)include income statement accounts, d)used to collect data for the current accounting period only, e)all of the above
4)On 1/1/09, Houston Co purchased a delivery truck that cost $40000. Cash of $10000 was paid, and the balance of $30000 was payable 1/31/10. The truck as estimated useful life of 4 years and 0 residual value. Considering only these facts, depreciation expense(on the truck) for '09 would be
a)10000, b)7500, c)17500, d)8750, e) none of the above

Answer 1

1) c - prepaid rent a/c wld not be closed off at the end of the yr. It's an asset a/c and stays in the balance sheet.

2) b - only real accounts get carried forward to the next yr

3) e - all of the above

4) a - cost of the truck divided by its useful life of 4yrs, assuming it's put to use immediately upon purchase

The following may be of use to you:
Nominal Account is an Income statement account (revenue and expense) that is closed out at the end of the year.

Real Account is a Balance sheet account that is carried forward into the next year. It is a proprietary account.

A post-closing trial balance is done after preparing and posting your closing entries. This trial balance, which should contain only balance sheet accounts, will help guarantee that your books are in balance for the beginning of the new accounting period.

Answer 2

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RE:
accounting questions help #1!! thanks for the help!!?
1)Which one of the following accounts would NOT be closed at the end of the accounting year?
a)utilities expense, b)sales rev, c)prepaid rent expense, d)wages expense, e)all of the above
2)A post-closing trial balance will show account balances for the
a)real and nominal accounts, b)real...

Answer 3

1. All of the above
2. a
3. a
4. 10,000 or 40,000/4