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Accounting 1st 9-Weeks Part 4
Test Description: Accounting 1st 9-Weeks Part 4
Instructions: Answer all questions to get your test result.
1) Prepared to make sure the total debits are equal to the total credits in the general ledger after the closing entries have been posted.
A
Statement of Cash Flows
B
Post-Closing Trial Balance
C
Financial Statements
D
Work Sheet
2) When revenue accounts are closed, the Income Summary account is _______.
A
Debited
B
Credited
C
Not Changed
D
Moved to the Capital Account
3) A journal entry having two or more debits and/or credits
A
Double-Entry Accounting
B
Correcting Entry
C
Closing Entry
D
Compound Entry
4) To close an expense account, _____________it.
A
Debit
B
Ignore
C
Credit
D
Move it to the Capital Account
5) The account in the general ledger used for summarizing the revenue and expenses for a fiscal period
A
Income Summary
B
Capital Account
C
Revenue Summary
D
Expense Summary
6) When closing the withdrawals account, transfer the balance in this account to the
A
Accounts Receivable
B
Income Summary Account
C
Accounts Payable
D
Capital Account
7) Journal entries made to close out or reduce to zero the balances in the temporary capital accounts and then transfer the net income or loss to the capital account
A
Compound Entry
B
Double-Entry Accounting
C
Correcting Entry
D
Closing Entry
8) The post-closing trial balance includes only the ______ accounts.
A
Temporary
B
Zero Balance
C
Owner's equity
D
Permanent
9) Closing entries close the net income or net loss into the
A
Withdrawal Accounts
B
Expense Accounts
C
Revenue Accounts
D
Capital Account
10) Office Supplies would normally have a ___________ balance.
A
Debit or Credit
B
Zero
C
Debit
D
Credit
*select an answer for all questions
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