Chapter 20 Accounting Quiz

Chapter 20 Accounting Quiz

9th - 12th Grade

7 Qs

quiz-placeholder

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Chapter 20 Accounting Quiz

Chapter 20 Accounting Quiz

Assessment

Quiz

Computers

9th - 12th Grade

Medium

Created by

EVA VECCHIO

Used 1+ times

FREE Resource

7 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

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