
Accounting Chapter 8
Quiz
•
Mathematics, Other
•
KG - University
•
Practice Problem
•
Medium
Used 49+ times
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23 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Temporary accounts include assets, expenses, and the owner’s drawing account.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Temporary accounts are also called nominal accounts.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Journal entries used to prepare temporary accounts for a new fiscal period are closing entries.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The balances of the liability accounts must be reduced to zero to prepare the accounts for the next period.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Permanent accounts are used to accumulate information until it is transferred to the owner’s capital account.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The capital account’s new balance after all closing entries are posted is verified by checking it with the amount of capital shown on the balance sheet at the end of the fiscal period.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The ending account balances of permanent accounts for one fiscal period are the beginning account balances for the next fiscal period.
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