A corporation’s net income or net loss is closed to Retained Earnings. After posting the closing entries, accountants prepare a
Chapter 20 Accounting Quiz

Quiz
•
Computers
•
9th - 12th Grade
•
Medium

EVA VECCHIO
Used 1+ times
FREE Resource
7 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Post close trial balance
Fiscal trial balance
Balance sheet
10 column worksheet
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Steps for Closing the Ledger for a Corporation
Step 1
Close accounts with balances in the Income Statement Credit column to Income Summary.
Close accounts with balances in the Income Statement Debit column to Income Summary.
Close Income Summary to Retained Earnings.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Steps for Closing the Ledger for a Corporation
Step 2
Close accounts with balances in the Income Statement Credit column to Income Summary.
Close accounts with balances in the Income Statement Debit column to Income Summary.
Close Income Summary to Retained Earnings
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Steps for Closing the Ledger for a Corporation
Step 3
Close accounts with balances in the Income Statement Credit column to Income Summary.
Close accounts with balances in the Income Statement Debit column to Income Summary.
Close Income Summary to Retained Earnings.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If there is a net loss
You leave it blank
Credit Income Summary for the amount and Debit Retained Earnings for the amount
Debit Income Summary for the amount and Credit Retained Earnings for the amount
You do the same as a Net Income
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When closing the general ledger, write ------,for each posting in the Description column of the general ledger account.
Trial Balance
Net Income/ Loss
Final Balance
Closing Entry
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A post-closing trial balance is prepared at the end of the accounting period to prove the
The net income/loss is correct
Adjustments are correct
full disclosure rule
General ledger accounts are balanced
Similar Resources on Quizizz
12 questions
ICT Spreadsheets

Quiz
•
9th Grade
8 questions
Closing Entries - Accounting

Quiz
•
10th - 12th Grade
10 questions
HTML Tables

Quiz
•
9th - 12th Grade
10 questions
Basic Excel Spreadsheet

Quiz
•
9th - 12th Grade
10 questions
MOAC Excel 2016 Lesson 03

Quiz
•
8th - 12th Grade
12 questions
PF 6.01: Credit Reports and Scores

Quiz
•
9th - 12th Grade
10 questions
Cryptocurrency and Blockchain Review

Quiz
•
10th Grade
10 questions
Pretest TIK Semester Genap Kelas X

Quiz
•
10th Grade
Popular Resources on Quizizz
15 questions
Multiplication Facts

Quiz
•
4th Grade
25 questions
SS Combined Advisory Quiz

Quiz
•
6th - 8th Grade
40 questions
Week 4 Student In Class Practice Set

Quiz
•
9th - 12th Grade
40 questions
SOL: ILE DNA Tech, Gen, Evol 2025

Quiz
•
9th - 12th Grade
20 questions
NC Universities (R2H)

Quiz
•
9th - 12th Grade
15 questions
June Review Quiz

Quiz
•
Professional Development
20 questions
Congruent and Similar Triangles

Quiz
•
8th Grade
25 questions
Triangle Inequalities

Quiz
•
10th - 12th Grade
Discover more resources for Computers
40 questions
Week 4 Student In Class Practice Set

Quiz
•
9th - 12th Grade
40 questions
SOL: ILE DNA Tech, Gen, Evol 2025

Quiz
•
9th - 12th Grade
20 questions
NC Universities (R2H)

Quiz
•
9th - 12th Grade
25 questions
Triangle Inequalities

Quiz
•
10th - 12th Grade
10 questions
Right Triangles: Pythagorean Theorem and Trig

Quiz
•
11th Grade
46 questions
Biology Semester 1 Review

Quiz
•
10th Grade
24 questions
LSO - Virus, Bacteria, Classification - sol review 2025

Quiz
•
9th Grade
65 questions
MegaQuiz v2 2025

Quiz
•
9th - 12th Grade