Chapter 8 Accounting
Quiz
•
Business
•
9th - 12th Grade
•
Practice Problem
•
Medium
Brooke Vennie
Used 76+ times
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19 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When the total expenses are greater than the total revenues,
The Income Summary account has a credit balance.
The Income Summary account has a debit balance.
Debits equal credits.
All of the above.
2.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
True or False: The balances of the liability accounts must be reduced to zero to prepare the accounts for the next period.
True
False
3.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
True or False: Journal entries used to prepare temporary accounts for a new fiscal period are closing entries.
True
False
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Temporary accounts begin each new fiscal period with a
Debit balance
Credit balance
Zero balance
Net income balance
5.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
Temporary Accounts include
Assets
Liabilities
Owner's Drawing
Sales
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
True or False: 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.
True
False
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
True or False: The Income Summary account has a normal debit balance.
True
False
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