Mac's Accounting Ch 10: Question Preview (ID: 8351)


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Closing entries reduce capital account balance to zero
a) True b) False c) d)
The temporary capital accounts start each fiscal period with a zero balance.
a) True b) False c) d)
The income summary account serves as a simple income statement in the ledger
a) True b) False c) d)
The income summary account has a normal credit balance.
a) True b) False c) d)
The income summary account does not have an increase or decrease side.
a) True b) False c) d)
The entry to transfer net income to capital is a credit to capital and a debit to income summary.
a) True b) False c) d)
A compound entry has at least two debits and two credits.
a) True b) False c) d)
Expense accounts are closed with credits to each account.
a) True b) False c) d)
The withdrawls account is closed with a credit to that account.
a) True b) False c) d)
A credit balance in the income summary account after the revenue, expese and withdrawls accounts have been closed indicates a net income
a) True b) False c) d)
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