WorksheetsAcct 1 - Chap 8
Total questions: 14
Worksheet time: 7mins
Name
Class
Date
1.
The accounts that appear on a Post Closing Trial Balance are....
a)
Temporary
b)
Permanent
c)
Zeroed Out
d)
All of the Chart of Accounts
2.
Income summary is a _______________ account.
a)
Asset
b)
Liability
c)
Temporary
d)
Permanent
3.
The journal entry to close Income Summary when there is a Net Income (the 3rd closing entry) is....
a)
debit Sales; credit Income Summary
b)
debit Capital, credit Income Summary
c)
debit Capital, credit Sales
d)
debit Income Summary, credit Capital
4.
After the closing entries the new balance for the owner's Capital account should be....
a)
Zero
b)
The same as the Capital amount on the Balance Sheet
c)
The same as the Owner's Drawing account
d)
The same as owner's Capital from the Worksheet
5.
The accounts whose balances carry over from one fiscal period to the next are...
a)
All Chart of Accounts
b)
Temporary Accounts
c)
Permanent Accounts
d)
Expense Accounts
6.
The main steps of closing (in order) are...
a)
PCTB, Journalize Closing Entries, Post
b)
Post, PCTB, Close
c)
Journaize Closing Entries, Post, PCTB
d)
It does not matter the order
7.
The normal balance side of the Income Summary account is...
a)
Debit
b)
Credit
c)
Niether
8.
To close a temporary account, an amount equal to its balance is recorded in the side opposite its balance.
a)
True
b)
False
9.
Closing entries are the journal transactions used to prepare permanent accounts for the next fiscal period.
a)
True
b)
False
10.
The Post Closing Trial Balance verifies the equality of debits and credits in a general ledger after the closing entries are posted.
a)
True
b)
False
11.
All activities performed within a fiscal period for a business's finances is also known as...
a)
The Fiscal Year
b)
The Accounting Cycle
c)
The Closing Entries
d)
GAAP
12.
All balances of permanent accounts get transferred to the Owner's Capital account at the end of the fiscal period.
a)
True
b)
False
13.
The balance of all liability accounts must be reduced to zero before the next fiscal period.
a)
True
b)
False
14.
Debits do not have to equal credits on your Post Closing Trial Balance.
a)
True
b)
False
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