Closing Entries

What is the source of information for completing the closing entries?

• Unadjusted trial balance

• Income Statement

• Adjusted trial balance

• Work sheet

Temporary accounts include assets, expenses, and dividends.

• True

• False

The accounts that appear on the post-closing trial balance are

• assets, liabilities, and stockholders' equity

• revenue, expenses, and dividends

• all accounts in the chart of accts

• all temporary accts

The last step in the accounting cycle is to 

• record transactions in a journal
• prepare a work sheet
• journalize and post closing entries
• prepare a post-closing trial balance

Income Summary is a(n) 

• asset account
• liability account
• temporary account
• permanent account

Which of the following is a "real" account?

• cash
• expenses
• revenue
• income summary

Which of the following accounts is a temporary account?

• cash
• accounts payable
• revenue
• capital

Which account should be closed first?

• Revenue

• Expense

• Income Summary

• Dividends

Which of the following accounts is a temporary account?

• cash
• accounts payable
• revenue
• capital

Income Summary is a temporary account.

• True
• False