Accounting- 8-2: Closing Entries
Authored by Rebecca Goossens
Mathematics
9th Grade - University
Used 162+ times
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15 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The ending account balances for permanent accounts are beginning balances for the next period.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Temporary accounts must start each fiscal period with a zero balance.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Temporary accounts include the following:
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Journal entries used to prepare temporary accounts for the new period are adjusting entries.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
All accounts in the general ledger/journal/worksheet are listed in a post-closing trial balance.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The Income Summary account must be reduced to zero to get ready for the next fiscal period.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Permanent accounts include the following:
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