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Mac's Accounting Ch 10 Part B
Test Description: Ch 10 vocab
Instructions: Answer all questions to get your test result.
1) Accounts that start an accounting period with a zero balance are called..
A
compound entry
B
permanent accounts
C
temporary capital accounts
D
closing entries
2) A___ ia a journal entry with two or more debits or two or more credits
A
closing entry
B
bad entry
C
compound entry
D
post-closing entry
3) The ___ is a general ledger account used to accumulate and summarize the revenue and expenses for a period.
A
closing entry
B
income summary account
C
temporary capital account
D
capital account
4) Only ___ and their balances are listed in the post-closing trial balance.
A
closing entries
B
permanent accounts
C
compound entries
D
temporary capital accounts
5) A __ is prepared to prove that debits in the ledger accounts are equal to credits after the closing entries have been posted.
A
trial balance
B
work sheet
C
financial statement
D
post-close trial balance
6) ___ are made to close out or reduce to zero the balance of certain general ledger accounts.
A
coumpound entries
B
debits
C
closing entries
D
adjustments
7) The withdrawls account is a permanent account
A
True
B
False
8) The withdrawls account appears in the Income statement section of the worksheet
A
True
B
False
9) Expenses are temporary accounts
A
True
B
False
10) Capital is a permanent account
A
False
B
True
*select an answer for all questions
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