
Closing Accounts Quiz
Authored by Daniel CROWE
Education
12th Grade
Used 1+ times

AI Actions
Add similar questions
Adjust reading levels
Convert to real-world scenario
Translate activity
More...
Content View
Student View
13 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A debit entry is required to close which of the following accounts?
Sales returns
Inventory
Inventory Gain
Cost of Sales
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A debit entry is required to close which of the following accounts?
Discount revenue
Discount expense
Inventory loss
Sales returns
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A credit entry is required to close which of the following accounts?
Sales
Inventory gain
Discount revenue
Sales returns
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following accounts would be closed?
Allowance for doubtful debts
Accounts Receivable
Bad Debts
All of the above
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following accounts would be closed with a credit entry?
Cost of sales
Cartage inwards
Rent expense
All of the above
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following accounts would be closed with a credit entry?
Sales
Discount Revenue
Loan
Interest expense
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If a business runs a net profit for a particular reporting period we would expect?
The profit and loss summary account and capital and both credited
The profit and loss summary account and capital and both debited
The profit and loss summary account is debited and the capital account is credited
The profit and loss summary account is credited and the capital account is debited
Access all questions and much more by creating a free account
Create resources
Host any resource
Get auto-graded reports

Continue with Google

Continue with Email

Continue with Classlink

Continue with Clever
or continue with

Microsoft
%20(1).png)
Apple
Others
Already have an account?
Similar Resources on Wayground
10 questions
Naruto Knowledge (Shippuden) Part 1
Quiz
•
3rd Grade - University
10 questions
SDG Intro Test
Quiz
•
12th Grade
13 questions
The Writing Process 5 steps
Quiz
•
9th - 12th Grade
10 questions
Republic Day Quiz
Quiz
•
KG - 12th Grade
10 questions
Cybersecurity Review
Quiz
•
9th - 12th Grade
15 questions
Prophet Yusuf
Quiz
•
KG - 12th Grade
10 questions
Finding Trusted Academic Sources
Quiz
•
12th Grade - University
15 questions
Family Types
Quiz
•
9th - 12th Grade
Popular Resources on Wayground
7 questions
History of Valentine's Day
Interactive video
•
4th Grade
15 questions
Fractions on a Number Line
Quiz
•
3rd Grade
20 questions
Equivalent Fractions
Quiz
•
3rd Grade
25 questions
Multiplication Facts
Quiz
•
5th Grade
22 questions
fractions
Quiz
•
3rd Grade
15 questions
Valentine's Day Trivia
Quiz
•
3rd Grade
20 questions
Main Idea and Details
Quiz
•
5th Grade
20 questions
Context Clues
Quiz
•
6th Grade