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Mac's Accounting Ch 10
Test Description: Chapter 10 Glencoe
Instructions: Answer all questions to get your test result.
1) Closing entries reduce capital account balance to zero
A
False
B
True
2) The temporary capital accounts start each fiscal period with a zero balance.
A
False
B
True
3) The income summary account serves as a simple income statement in the ledger
A
True
B
False
4) The income summary account has a normal credit balance.
A
False
B
True
5) The income summary account does not have an increase or decrease side.
A
True
B
False
6) The entry to transfer net income to capital is a credit to capital and a debit to income summary.
A
True
B
False
7) A compound entry has at least two debits and two credits.
A
True
B
False
8) Expense accounts are closed with credits to each account.
A
True
B
False
9) The withdrawls account is closed with a credit to that account.
A
False
B
True
10) A credit balance in the income summary account after the revenue, expese and withdrawls accounts have been closed indicates a net income
A
False
B
True
*select an answer for all questions
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