Accounting 1st 9-Weeks Part 4: Question Preview (ID: 7152)

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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) Work Sheet
b) Financial Statements
c) Post-Closing Trial Balance
d) Statement of Cash Flows

When revenue accounts are closed, the Income Summary account is _______.
a) Debited
b) Credited
c) Not Changed
d) Moved to the Capital Account

A journal entry having two or more debits and/or credits
a) Double-Entry Accounting
b) Compound Entry
c) Closing Entry
d) Correcting Entry

To close an expense account, _____________it.
a) Credit
b) Debit
c) Ignore
d) Move it to the Capital Account

The account in the general ledger used for summarizing the revenue and expenses for a fiscal period
a) Income Summary
b) Capital Account
c) Expense Summary
d) Revenue Summary

When closing the withdrawals account, transfer the balance in this account to the
a) Income Summary Account
b) Capital Account
c) Accounts Payable
d) Accounts Receivable

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

The post-closing trial balance includes only the ______ accounts.
a) Temporary
b) Permanent
c) Owner's equity
d) Zero Balance

Closing entries close the net income or net loss into the
a) Capital Account
b) Expense Accounts
c) Revenue Accounts
d) Withdrawal Accounts

Office Supplies would normally have a ___________ balance.
a) Debit
b) Credit
c) Debit or Credit
d) Zero

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