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WorksheetsAccounting- 8-2: Closing Entries
Total questions: 15
Worksheet time: 8mins
Name
Class
Date
1.
The ending account balances for permanent accounts are beginning balances for the next period.
a)
True
b)
False
2.
Temporary accounts must start each fiscal period with a zero balance.
a)
True
b)
False
3.
Temporary accounts include the following:
a)
Revenue (Sales)
b)
Expenses
c)
Income Summary
d)
All of These
4.
Journal entries used to prepare temporary accounts for the new period are adjusting entries.
a)
True
b)
False
5.
All accounts in the general ledger/journal/worksheet are listed in a post-closing trial balance.
a)
True
b)
False
6.
The Income Summary account must be reduced to zero to get ready for the next fiscal period.
a)
True
b)
False
7.
Permanent accounts include the following:
a)
Assets
b)
Liabilities
c)
Owner's Equity
d)
All of These
8.
Temporary accounts begin each new fiscal period with a ________________.
a)
Zero Balance
b)
Debit Balance
c)
Credit Balance
d)
Income Summary Balance
9.
Information needed for closing entries is found in the ________________ column on the worksheet.
a)
Income Statement & Balance Sheet
b)
Trial Balance
c)
Adjustments
d)
None of These
10.
The journal entry to close the revenue accounts is ________________.
a)
Debit Sales, Credit Income Summary
b)
Debit Income Summary, Credit Sales
c)
Debit Sales, Credit Capital
d)
None of These
11.
The journal entry to close the Drawing account is ______________.
a)
Debit Capital, Credit Drawing
b)
Debit Drawing, Credit Capital
c)
Debit Income Summary, Credit Drawing
d)
Debit Drawing, Credit Income Summary
12.
The journal entry to close the Income Summary account with a net income is
a)
Debit Income Summary, Credit Capital
b)
Debit Capital, Credit Income Summary
c)
Debit Revenue, Credit Capital
d)
None of These
13.
Income Summary is a _____________ account.
a)
permanent
b)
temporary
c)
revenue
d)
expense
14.
The Drawing account is a permanent account.
a)
True
b)
False
15.
Permanent accounts are also referred to as temporary accounts.
a)
True
b)
False
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