Payments made in advance for goods or services a firm will receive at a later date are called ______________.

Deduction or valuation accounts that accumulate amounts subtracted from other accounts are called _____________________.

XYZ Company purchased a 1-year insurance policy for $3,000 on April 1 of Year 1. The amount of prepaid insurance reported on the Balance Sheet and the amount of insurance expense reported on the Income Statement on December 31 of Year 1 are, respectively:

Which of the following accounts is not closed during the closing process?

The balance in all asset accounts combined is $100,000 on December 1. During December, the following transactions took place: - Purchase of $10,000 of inventory for cash - Purchase of $15,000 of machinery on account - Retirement of $20,000 in bonds with cash Given this information, what is the combined balance in the asset accounts on December 31?

Which of the following accounts is NOT a temporary account that should be closed during the closing process?

In preparing its year-end adjusting entries, XYZ Company neglected to adjust prepaid insurance for the amount of insurance expired during Year 1. Which of the following reflects the result of this error?

Which of the following is NOT an example of a period expense?

Which of the following accounts would NOT appear on a corporation's Balance Sheet?

Which of the following operations is NOT considered part of the accounting process leading to financial statement preparation?