ACCOUNTING CHAPTER 8 - CENGAGE
Authored by Chelsey Gilmore
Business
9th - 12th Grade
Used 41+ times
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This quiz focuses on the end-of-period accounting procedures, specifically the closing process and accounting cycle completion. The content is appropriate for high school students in grades 11-12 who are taking their first formal accounting course. Students need to understand the fundamental distinction between permanent accounts (assets, liabilities, owner's equity) and temporary accounts (revenues, expenses, drawing), as these concepts form the foundation for all closing procedures. The questions require mastery of the closing entry process, including the purpose and mechanics of transferring temporary account balances through the Income Summary account to owner's capital. Students must also comprehend the sequential steps of the accounting cycle, the preparation and purpose of post-closing trial balances, and how adjusting entries prepare accounts for accurate financial statement preparation. The quiz demands both conceptual understanding of why accounts are closed and procedural knowledge of the specific journal entries required to execute the closing process correctly. Created by Chelsey Gilmore, a Business teacher in the US who teaches grades 9-12. This comprehensive assessment serves as an excellent review tool for students completing their study of the accounting cycle's final steps. Teachers can deploy this quiz as a formative assessment before the chapter test to identify students who need additional support with closing entries, or use it as homework to reinforce classroom instruction on permanent versus temporary accounts. The mix of true/false and multiple-choice questions makes it ideal for warm-up activities at the beginning of class or as a review session before moving to the next chapter. The quiz effectively supports instruction by requiring students to apply their knowledge of closing procedures rather than simply memorizing definitions, preparing them for real-world accounting applications. This assessment aligns with business education standards that emphasize understanding accounting cycles, financial statement preparation, and the systematic recording and reporting of financial information.
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45 questions
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1.
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.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
All accounts in a general ledger are listed on a post-closing trial balance.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Adjusting entries are recorded on the next journal page following the page on which the last daily transactions for the month are recorded.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Permanent accounts are also referred to as temporary accounts.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Preparing a worksheet at the end of the fiscal period to summarize the general ledger information needed to prepare financial statements is an application of the accounting concept Accounting Period Cycle.
6.
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.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
At the end of a fiscal period, the balances of temporary accounts are summarized and transferred to the owner's capital account.
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