Accounting

Accounting

Grade 11

Multiple Choice

What is the closing entry for a net loss?

• Credit Retained Earnings, credit Income Summary

• debit Retained Earnings, credit Income Summary

• credit Retained Earnings, debit Income Summary

• debit Retained Earnings, debit Income Summary

Chapter 20.1: Journalizing closing entries

Pages 591-595

Objectives

• Interpret the accounting vocabulary

• Analyze the accounts classifications

• Prepare the closing journal entries for the accounts

Open Ended

Fill in the blanks with the appropriate words.

Multiple Choice

The worksheet adjustments update the general ledger accounts.

• True

• False

Open Ended

For each of the given accounts give the classification, normal balance, and account types.

Multiple Choice

Why is capital stock a permanent account?

• As there is no balance

• As the balance is not carried forward in the next

• As its balance is carried forward in the next account year.

• As there is balance in the account

Open Ended

Give the journal entries for the given accounts.

Multiple Choice

Why are expenses credited to income summary account?

• To carried forward the amount

• To close the account and make it zero

• To create a balance in the account

Open Ended

Write the terms that are important to this lesson.