Accounting Chapter 8: Question Preview (ID: 5434)


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Adjustments are analyzed and planned
a) on a work sheet. b) in the ledgers. c) on the financial statements. d) none of these
Which accounting concept applies when a work sheet is prepared at tehend of each fiscal cycle?
a) Accounting Period Cycle b) Adequate Disclosure c) Consistent Reporting d) Business Entity
Income Summary is
a) an asset account. b) a liability account c) a temporary account d) a permanent account
All accounts on a general ledger are listed on a post-closing trial balance.
a) False b) True c) I don't know d) I don't know
The income summary account balance must be reduced to zero to prepare the account for the next fiscal period.
a) True b) False c) I don't know d) I still don't know
Temporary accounts must start each fiscal period with a zero balance.
a) True b) False c) I don't know d) I don't know
Permanent accounts must start each fiscal period with a zero balance.
a) False b) True c) I don't know d) I don't know
When total expenses are greater than the total revenue
a) The income summary account has a credit balance b) The income summary account has a debit balance. c) debits equals credits d) none of these
The last step in the accounting cycle is to
a) prepare a post-closing trial balance of the general ledger b) journalize and post the closing entries c) prepare a work sheet and financial statements d) analyze transactions and journalize and post them
The journal entry to close the expense accounts is to
a) debit Income Summary for the total expenses; credit each expense account. b) debit Income Summary; credit owner's capital c) debit each expense account; credit Income Summary. d) I don't know
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