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REVIEW ACCOUNTING II SEMESTER 1 FINAL 2019

Authored by Chelsey Gilmore

Business

9th - 12th Grade

CCSS covered

Used 1+ times

REVIEW ACCOUNTING II SEMESTER 1 FINAL 2019
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70 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following accounts is a temporary account?

cash
accounts payable
revenue
capital

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Income Summary is a temporary account.

True
False

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which account should be closed first?

Revenue
Expenses
Income Summary
Withdrawals

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The fourth step is to close which of the following accounts?

capital
withdrawals
revenue
expenses

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Another word for permanent is "nominal"?

True
False

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following accounts should be set to zero at the end of an accounting period?

expenses
capital
accounts payable
equipment

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which financial statement should be prepared first?

balance sheet
income statement
statement of owner's equity

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