Accounting Unit 5 Questions and Graded Answers.
The closing entry process consists of closing - All temporary accounts
The final closing entry to be journalized is typically the entry that closes the - Drawing
account
Closing entries are made - In order to transfer net income (or loss) to the capital account
Which of the following statement is correct about temporary accounts? - It is closed at the
end of each accounting period
The final step in the accounting cycle is to prepare - A post-closing trial balance
After all the closing entries have been posted, the balance of the income summary account will
be - Zero
The post-closing trial balance will - Contain only balance sheet accounts
A post-closing trial balance will show - Only permanent account balances
In preparing closing entries - Each expense account will be credited
Which of the following accounts will not have a balance in post-closing trial balance? -
Revenue, Withdrawals, Expenses
Which asscounts are considered a permanent accounts? - Assets, Liabilities, Capital
The closing entry process consists of closing - All temporary accounts
The final closing entry to be journalized is typically the entry that closes the - Drawing
account
Closing entries are made - In order to transfer net income (or loss) to the capital account
Which of the following statement is correct about temporary accounts? - It is closed at the
end of each accounting period
The final step in the accounting cycle is to prepare - A post-closing trial balance
After all the closing entries have been posted, the balance of the income summary account will
be - Zero
The post-closing trial balance will - Contain only balance sheet accounts
A post-closing trial balance will show - Only permanent account balances
In preparing closing entries - Each expense account will be credited
Which of the following accounts will not have a balance in post-closing trial balance? -
Revenue, Withdrawals, Expenses
Which asscounts are considered a permanent accounts? - Assets, Liabilities, Capital
