Accounting Chapter 10
Flashcard
•
Business
•
11th Grade
•
Practice Problem
•
Hard
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1.
FLASHCARD QUESTION
Front
These are made to close out or reduce to zero the balance of certain general ledger accounts.
Back
closing entries
2.
FLASHCARD QUESTION
Front
This is prepared to prove that debits in the ledger accounts are equal to the credits after the closing entries have been posted.
Back
post-closing trial balance
3.
FLASHCARD QUESTION
Front
Their balances are listed on the post-closing trial balance
Back
permanent accounts
4.
FLASHCARD QUESTION
Front
A general ledger account used to accumulate and summarize the revenue and expenses for a period.
Back
income summary account
5.
FLASHCARD QUESTION
Front
Accounts that start an accounting period with zero balance.
Back
temporary account
6.
FLASHCARD QUESTION
Front
The purpose of the Income Summary account is to ____________.
Back
accumulate and summarize the revenue and expenses for the period
7.
FLASHCARD QUESTION
Front
Transactions involving revenue, expenses, and withdrawals are recorded in the _________.
Back
temporary capital accounts
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