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Ch 10 Accounting Review

Authored by Tamara Haight

Business

11th - 12th Grade

Used 4+ times

Ch 10 Accounting Review
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35 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

Income Summary

Closing Entries

Owner's Equity

Withdrawal

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

permanent accounts

temporary accounts

expense accounts

revenue accounts

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The ______ are used to record transactions involving revenue, expenses, and withdrawals.

capital accounts

permanent accounts

temporary accounts

liability accounts

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

Capital account

Net income account

Income Summary account

Balance account

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

income statement

post-closing trial balance

trial balance

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Journal entries that close out the balances in the temporary accounts and transfer net income or net loss for the period to the capital account are called

income summaries

capital entries

post-closing entries

closing entries

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Closing entries are used to transfer the net income or net loss for the period to the

revenue account

withdrawals account

capital account

Cash in Bank account

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