Mac's Accounting Ch 10 Part B Question Preview (ID: 8352)
Ch 10 Vocab.
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Accounts that start an accounting period with a zero balance are called..
a) closing entries
b) compound entry
c) permanent accounts
d) temporary capital accounts
A___ ia a journal entry with two or more debits or two or more credits
a) closing entry
b) compound entry
c) post-closing entry
d) bad entry
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) capital account
d) temporary capital account
Only ___ and their balances are listed in the post-closing trial balance.
a) closing entries
b) permanent accounts
c) temporary capital accounts
d) compound entries
A __ is prepared to prove that debits in the ledger accounts are equal to credits after the closing entries have been posted.
a) post-close trial balance
b) work sheet
c) financial statement
d) trial balance
___ are made to close out or reduce to zero the balance of certain general ledger accounts.
a) closing entries
b) coumpound entries
c) adjustments
d) debits
The withdrawls account is a permanent account
a) True
b) False
c)
d)
The withdrawls account appears in the Income statement section of the worksheet
a) True
b) False
c)
d)
Expenses are temporary accounts
a) True
b) False
c)
d)
Capital is a permanent account
a) True
b) False
c)
d)
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