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Chapter 8 Review

Authored by JENNA WARD

Other

9th - 12th Grade

Used 4+ times

Chapter 8 Review
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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.

True
False

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Temporary accounts are also called nominal accounts.

True 
False

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Journal entries used to prepare temporary accounts for a new fiscal period are closing entries.

True
False

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.

True
False

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.

True
False

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.

True
False

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.

True
False

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