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WorksheetsAccounting. Chapter 10. Review 1
Total questions: 14
Worksheet time: 7mins
Accounts that start an accounting period with zero balances are called ___________.
Income Summary account
temporary capital accounts
A(n) ________ is prepared to prove that debits in the ledger accounts are equal to the credits after the closing entries have been posted.
compound entry
post-closing trial balance
Revenue and expense accounts must be closed out because their balances apply to only one accounting period.
True
False
Closing the revenue account is the second closing entry.
True
False
The last step in the accounting cycle is the preparation of the post-closing trial balance.
True
False
Which of the following accounts is not closed at the end of the accounting period?
Fees
Income Summary
Maintenance Expenses
Capital
Accounts that start each new accounting period with zero balances are __________.
permanent accounts
asset accounts
liability accounts
temporary accounts
Is Cash in Bank affected by a closing entry?
Yes
No
Is Supplies affected by a closing entry?
Yes
No
Is Accounts Payable affected by a closing entry?
Yes
No
Is Cleaning Fees affected by a closing entry?
Yes
No
Is Rent Expense affected by a closing entry?
Yes
No
Is Utilities Expense affected by a closing entry?
Yes
No
The source of information for the closing entries is the
general ledger
balance sheet
worksheet
income statement
