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

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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
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