Closing Entries - A2

Closing Entries - A2

9th - 12th Grade

22 Qs

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Closing Entries - A2

Closing Entries - A2

Assessment

Quiz

Business

9th - 12th Grade

Medium

Created by

FoliAki L

Used 7+ times

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22 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the source of information for completing the closing entries?

Unadjusted trial balance

Income Statement

Adjusted trial balance

Work sheet

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Into which account is the amount of net income or net loss closed?

Share capital

Retained Earnings

Cash

Dividends

3.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Temporary accounts include assets, expenses, and dividends.

True

False

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The ending account balances of permanent accounts for one fiscal period are the beginning account balances for the next fiscal period.

True
False

5.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Journal entries used to prepare temporary accounts for a new fiscal period are closing entries.

True
False

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The accounts that appear on the post-closing trial balance are

assets, liabilities, and stockholders' equity

revenue, expenses, and dividends

all accounts in the chart of accts

all temporary accts

7.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

The journal entry to close Income Summary when there is a net loss is

debit Revenues, credit Income Summary

debit Retained earnings; credit Income Summary

debit Retained earnings; credit Revenues

debit Income Summary; credit Retained earnings

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