Ch.10 Completing the Accounting Cycle for a Sole Proprietorship

Ch.10 Completing the Accounting Cycle for a Sole Proprietorship

10th Grade

30 Qs

quiz-placeholder

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Ch.10 Completing the Accounting Cycle for a Sole Proprietorship

Ch.10 Completing the Accounting Cycle for a Sole Proprietorship

Assessment

Quiz

Other

10th Grade

Medium

Created by

Yasmin Prado

Used 35+ times

FREE Resource

30 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

____ is written in the Description column of the general journal to explain the entries that close out the balance in the temporary capital accounts.

compound entry

" Closing Entries"

Income Summary

closing entries

2.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

A(n) ______ has two or more debits or credits in the general journal.

temporary capital accounts

zero balances

compound entry

Income Summary

3.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

The only accounts and balances listed on the post-closing trial balance are the ______ of the business.

permanent accounts

post-closing trial balance

closing entries

zero balances

4.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

The _____ are used to record transaction involving revenue, expenses, and withdrawals.

compound entry

temporary capital accounts

permanent accounts

"Closing Entries"

5.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

The general ledger account used to accumulate and summarize the revenue and expenses for the period is ______.

zero balances

closing entries

post-closing trial balance

Income Summary

6.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

The trial balance prepared after the closing entries have been posted is the ______.

closing entries

post-closing trial balance

temporary capital accounts

compound entry

7.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

The temporary capital accounts are not listed on the post-closing trial balances because they have _____.

zero balances

Income Summary

closing entries

compound entry

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