WorksheetsACC 106: Closing
Total questions: 11
Worksheet time: 6mins
What new account is used only during the closing period? (ie, it both opens and closes during the closing process)
Depreciation Expense
Capital
Income Summary
Accumulated Depreciation
What is the journal entry required to close expenses?
Debit Expenses, Credit Income Summary
Debit Income Summary, Credit Expenses
Debit Expenses, Credit Capital
Debit Capital, Credit Expenses
What is the journal entry required to close revenues?
Debit Revenues, Credit Income Summary
Debit Revenues, Credit Capital
Debit Capital, Credit Revenues
Debit Income Summary, Credit Revenues
What is the journal entry required to close Capital?
Debit Capital, Credit Income Summary
Debit Income Summary, Credit Capital
Debit Assets, Credit Capital
You do not close the Capital Account
What journal entry is required to close Income Summary if Revenues are greater than Expenses (Net Profit)?
Debit Income Summary, Credit Capital
You do not close Income Summary
Debit Capital, Credit Income Summary
Debit Income Summary, Credit Assets
What journal entry is required to close Income Summary if Revenues are less than Expenses (Net Loss)?
You do not close Income Summary
Debit Capital, Credit Income Summary
Debit Assets, Credit Income Summary
Debit Income Summary, Credit Capital
What type of accounts carry the balance to the next period?
Permanent Accounts
Temporary Accounts
What type of accounts cannot carry the balance to the next period?
Permanent Accounts
Temporary Accounts
What are the temporary accounts not including income summary?
Revenues, Expenses, Drawings
Assets, Liabilities, Capital
Revenues, Liabilities, Capital
Expenses, Drawings, Capital
What is the required journal entry to close Drawings?
Debit Drawings, Credit Capital
Debit Capital, Credit Drawings
Debit Drawings, Credit Income Summary
Debit Income Summary, Credit Drawings
What accounts are included in the Post Closing Trial Balance?
Only Temporary Accounts
Only Permanent Accounts
All Accounts
Only Equity Accounts
