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WorksheetsClosing Process
Total questions: 10
Worksheet time: 4mins
Accounts that are closed at the end of the period
Permanent Accounts
Temporary Accounts
Temporary and Permanent Accounts
Permitted Accounts
What step of the closing process are the closing process?
6th
7th
8th
5th
The purpose of the closing entry is to....
Update the capital account
Prepare the temporary accounts for the next accounting period
Both answers
None of the answers
This account is used during the closing process to help close the revenue and expenses account...
Income Account
Capital Account
Income summary
None of the answers
The first account that is closed during the closing process is......
Withdrawal account
Capital account
Expense account
Revenue account
The withdrawal account is closed against....
The revenue account
The capital account
Withdrawal account
If a business has a net loss, the income summary will have....
Debit balance
Credit balance
It depends
The closing process includes a total of ....... entries
5
2
3
4
After completing the closing process, the following accounts must have a zero balance
Revenues
Capital
Withdrawals
Expenses
Withdrawal
Revenue
Expenses
Revenue
Capital
Capital
Revenue
Withdrawals
The income summary account
Is used only at the end of the accounting period
Does not have a normal balance
Its balance before and after the closing is zero
Included in the Post Closing Trial Balance
