Question 4 1 Liquidity is a measure of how __________ quickly an asset may be converted into cash lo

Question 4

1 Liquidity is a measure of how __________

quickly an asset may be converted into cash

long an asset can be used

easily an asset can be exchanged for another asset

quickly an asset appreciates in value

Question 5

1 Adjusting journal entries are prepared __________

after preparing the adjusted trial balance

after preparing the unadjusted trial balance

after posting the closing entries

after preparing the financial statements

Question 6

1 Which of the following accounts will be closed by debiting the Income Summary account?

Owner, capital

Service revenue

Accounts receivable

Salaries expense

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