Chapter 8 Review

Chapter 8 Review

9th Grade

20 Qs

quiz-placeholder

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Chapter 8 Review

Chapter 8 Review

Assessment

Quiz

Business

9th Grade

Practice Problem

Easy

Used 2+ times

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20 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary purpose of closing entries in accounting?

To record daily transactions

To update the balance sheet

To transfer balances from temporary accounts to permanent accounts

To prepare financial statements

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following accounts is considered a temporary account?

Cash

Accounts Receivable

Sales

Owner's Capital

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the first step in the closing entries process?

Close the revenue accounts

Close the expense accounts

Close the income summary account

Close the owner's drawing account

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which account is used to summarize the revenues and expenses during the closing process?

Income Summary

Owner's Capital

Retained Earnings

Cash

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How does the post-closing trial balance differ from the adjusted trial balance?

It includes only temporary accounts

It includes only permanent accounts

It includes both temporary and permanent accounts

It is prepared before closing entries

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the effect of closing entries on the owner's equity when there is net income?

It decreases owner's equity

It increases owner's equity

It has no effect on owner's equity

It resets owner's equity to zero

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a permanent account?

Rent Expense

Sales

Owner's Capital

Supplies Expense

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