Acctounting Final Reivew

The account Accounts Receivable is an example of a(n) ____.

• asset

• liability

• owner's equity

• capital

The purchase of a desk on account will increase Office Furniture and will also increase ____.

• Cash in Bank

• Accounts Payable

• Accounts Receivable

• Marie Krabish, Capital

Which of the following accounts is not closed at the end of the accounting period?

• Revenue

• Income Summary

• Maintenance Expense

• John Smith, Capital

Transferring the expense account balances to the Income Summary account is the ____.

• first closing entry

• second closing entry

• third closing entry

• fourth closing entry

The balance of the revenue account is transferred to the ____.

• debit side of the cash in the Bank Account

• credit side of the owner's capital account

• credit side of the Income Summary account

• debit side of the owner's withdrawals account

Closing entries are used to transfer the net income or net loss for the accounting period to the ____.

• Cash in Bank

• Expense Account

• Revenue Account

• Capital Account

A financial statement showing the revenue and expense for a fiscal period is the ____.

• statement of stockholder's equity

• income statement

• balance sheet

• trial balance

A proof of the equality of debits and credits in a general ledger is a ______.

• balance sheet

• work sheet

• ledger balance

• trial balance

A trial balance prepared after the closing entries are posted is a(n) _____.

• closing trial balance

• opening trial balance

• balance sheet trial balance

• post-closing trial balance

The account Accounts Receivable is an example of a(n) ____.

• asset

• liability

• owner's equity

• capital