WorksheetsAccounting Quiz
Total questions: 15
Worksheet time: 8mins
Accounts used to accumulate information from one fiscal period to the next are known as:
Accounting cycle
Closing entries
Permanent accounts
Post-closing trial balance
Temporary accounts
Journal entries used to prepare temporary accounts for a new fiscal period are known as:
Accounting cycle
Closing entries
Permanent accounts
Post-closing trial balance
Temporary accounts
A trial balance prepared after the closing entries are posted is called:
Accounting cycle
Closing entries
Permanent accounts
Post-closing trial balance
Temporary accounts
The series of accounting activities included in recording financial information for a fiscal period is known as:
Accounting cycle
Closing entries
Permanent accounts
Post-closing trial balance
Temporary accounts
Which accounts are affected by the closing entry for Sales?
Dr. Sales Cr. Income Summary
Dr. Income Summary Cr. Expense accounts
Dr. Capital Cr. Income Summary
Dr. Capital Cr. Drawing
Which accounts are affected by the closing entry for all expense accounts?
Dr. Sales Cr. Income Summary
Dr. Income Summary Cr. Expense accounts
Dr. Capital Cr. Income Summary
Dr. Capital Cr. Drawing
Which accounts are affected by the closing entry for income summary with a net loss?
Dr. Sales Cr. Income Summary
Dr. Income Summary Cr. Expense accounts
Dr. Capital Cr. Income Summary
Dr. Capital Cr. Drawing
Which accounts are affected by the closing entry for owner’s drawing account?
Dr. Sales Cr. Income Summary
Dr. Income Summary Cr. Expense accounts
Dr. Capital Cr. Income Summary
Dr. Capital Cr. Drawing
Which accounting concept applies when a worksheet is prepared at the end of each fiscal cycle to summarize the general ledger information needed to prepare financial statements?
Business entity
Accounting period cycle
Going concern
Full disclosure
The ending account balances of permanent accounts for one fiscal period are:
The same as the prior period's ending balance
Equal to the capital account balance
All equal to zero
The beginning account balances for the next fiscal period
Which of the following accounts is a temporary account?
Cash
Accounts payable
Capital
Rent expense
Which accounting concept applies when expenses are reported in the same fiscal period that they are used to produce revenue?
Business entity
Going concern
Matching expenses with revenue
Full disclosure
When revenue is greater than total expenses, resulting in a net income, the income summary account has a:
Debit balance
Credit balance
After the closing entries are posted, the owner's capital account balance should be the same as shown:
On the balance sheet for the fiscal period
In the worksheet's balance sheet column
The accounts listed on a post closing trial balance are:
All General ledger accounts
General ledger accounts with balances after the closing entries are posted
