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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
Financial Statements
B
Post-Closing Trial Balance
C
Work Sheet
D
Statement of Cash Flows
2) When revenue accounts are closed, the Income Summary account is _______.
A
Moved to the Capital Account
B
Not Changed
C
Debited
D
Credited
3) A journal entry having two or more debits and/or credits
A
Double-Entry Accounting
B
Compound Entry
C
Correcting Entry
D
Closing Entry
4) To close an expense account, _____________it.
A
Ignore
B
Credit
C
Debit
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
Expense Summary
B
Income Summary
C
Revenue Summary
D
Capital Account
6) When closing the withdrawals account, transfer the balance in this account to the
A
Accounts Receivable
B
Capital Account
C
Accounts Payable
D
Income Summary 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
Correcting Entry
C
Closing Entry
D
Double-Entry Accounting
8) The post-closing trial balance includes only the ______ accounts.
A
Owner's equity
B
Temporary
C
Zero Balance
D
Permanent
9) Closing entries close the net income or net loss into the
A
Capital Account
B
Revenue Accounts
C
Expense Accounts
D
Withdrawal Accounts
10) Office Supplies would normally have a ___________ balance.
A
Credit
B
Debit
C
Zero
D
Debit or Credit
*select an answer for all questions
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