Question 1 of 20 one purpose of closing entries is to give zero

Question 1 of 20

One purpose of closing entries is to give zero balances to __________ accounts. 

 

A. asset and liability

B. liability and capital

C. revenue and expense

D. expense and capital

 

Question 2 of 20

After the closing entries are posted to the ledger, each expense account will have __________ balance. 

 

A. a debit

B. a credit

C. either a debit or a credit

D. a zero

 

Question 3 of 20

The entry to close the Income Summary account may include a debit to __________ and a credit to __________. 

 

A. Income Summary; the owner’s capital account

B. Income Summary; Cash

C. Cash; Income Summary

D. Income Summary; the owner’s drawing account

 

Question 4 of 20

Which of the following accounts will NOT normally have a zero balance after the closing entries have been posted? 

 

A. Income Summary

B. Fees Income

C. The owner’s capital account

D. Rent Expense

 

Question 6 of 20

The entry to transfer a net loss to the owner’s capital account would include a debit to __________ and a credit to __________. 

 

A. the owner’s capital account; Cash

B. the owner’s drawing account; the owner’s capital account

C. Income Summary; the owner’s capital account

D. the owner’s capital account; Income Summary

 

Question 7 of 20

The revenue account Fees Income is closed by debiting __________ and crediting __________. 

 

A. Cash; Fees Income

B. Fees Income; Income Summary

C. the owner’s capital account; Fees Income

D. Income Summary; Fees Income

 

Question 8 of 20

The owner’s drawing account is closed by debiting __________ and crediting __________. 

 

A. the owner’s drawing account; the owner’s capital account

B. the owner’s capital account; the owner’s drawing account

C. Income Summary; the owner’s drawing account

D. the owner’s drawing account; Income Summary

 

Question 9 of 20

The entry to close the Depreciation Expense account may include a debit to __________ and a credit to __________. 

 

A. the Income Summary account; the Depreciation Expense account

B. the Income Summary; Cash

C. Cash; the Income Summary account

D. the Depreciation Expense account; the Income Summary account

 

Question 10 of 20

The entry to close the owner’s drawing account may include a debit to the __________ account and a credit to __________. 

 

A. Income Summary; the owner’s drawing account

B. owner’s drawing; Cash

C. owner’s capital; owner’s drawing account

D. owner’s drawing; Income Summary account

 

Question 11 of 20

The entry to close the Accumulated Depreciation account may include a debit to the __________ account and a credit to the __________ account. 

 

A. Income Summary; Accumulated Depreciation

B. Depreciation Expense; Accumulated Depreciation

C. Accumulated Depreciation; Income Summary

D. None of the above

 

Question 12 of 20

Which of the following accounts would be closed? 

 

A. Accounts Receivable

B. Accumulated Depreciation

C. Supplies Expense

D. Joan Wilson, Capital

 

Question 13 of 20

After the closing entries are posted to the ledger, each revenue account will have __________ balance. 

 

A. a zero

B. a debit

C. a credit

D. either a debit or a credit

 

Question 14 of 20

A postclosing trial balance could include all of the following EXCEPT the __________ account. 

 

A. owner’s capital

B. Cash

C. Fees Income

D. Accounts Receivable

 

Question 15 of 20

Which of the following accounts is a permanent account? 

 

A. Supplies

B. Supplies Expense

C. Owner’s drawing

D. Fees Income

 

Question 16 of 20

Which of the following statements is correct? 

 

A. The Balance Sheet section of the worksheet contains the data that is used to make closing entries.

B. The balance of the owner’s drawing account will appear on the postclosing trial balance.

C. Closing entries are entered directly on the worksheet.

D. Preparation of the postclosing trial balance is the last step in the end-of-period routine.

 

Question 17 of 20

Information in the financial statements provides answers to many questions, including: 

 

A. How much do customers owe the business?

B. What are the business’ current and long term plans for expansion?

C. Has the business achieved its net income goal for the year?

D. All of the above

 

Question 18 of 20

The asset, liability, and owner’s capital accounts appear on all of the following EXCEPT the: 

 

A. income statement.

B. balance sheet.

C. postclosing trial balance.

D. worksheet.

 

Question 19 of 20

After the worksheet has been completed, the next step in the accounting cycle is to: 

 

A. journalize and post the closing entries.

B. journalize and post the adjusting entries.

C. prepare the postclosing trial balance.

D. prepare the financial statements.

 

Question 20 of 20

After the data about transactions have been posted, the next step in the accounting cycle is to: 

 

A. prepare the financial statements.

B. prepare the postclosing trial balance.

C. prepare the worksheet.

D. journalize and post the adjusting entries.

 

 

Get 20% Discount on This Paper
Pages (550 words)
Approximate price: -

Try it now!

Get 20% Discount on This Paper

We'll send you the first draft for approval by at
Total price:
$0.00

How it works?

Follow these simple steps to get your paper done

Place your order

Fill in the order form and provide all details of your assignment.

Proceed with the payment

Choose the payment system that suits you most.

Receive the final file

Once your paper is ready, we will email it to you.

Our Services

Custom Writings Help is a Quality-Oriented Company in Online Writing as a result of hiring exceptional professionals to execute clients' tasks.

Essays

Research Papers

At Custom Writings Help,We understand the struggle of research paper writing, and that is why at Custom WritingS Help, we are all out to help you. We pride ourselves on having a team of clinical writers. The stringent and rigorous vetting process ensures that only the 'BEST' Writers are chosen for the job. We have highly qualified Ph.D. and MA writers working with us; we equally offer these experienced writers specific bonuses and incentives to make them deliver highly original, unique, and informative content at reasonably low prices.

Admissions

Thesis Writing Service

Worlwide, Many Masters Students are struggling with Thesis Completion. A thesis is likely to be the longest and most challenging piece of work a student has ever completed. However, unlike essays and other assignments, a student can pick a particular interest topic and work on their initiative. Fortunately, we are there for you. At Custom Writings Help, you are assured of an authentic, imaginative, informative, linguistically great, and advantageous thesis that adheres to all your needs. So, why continue considering different writers when you have discovered the best in the field?

Editing

Custom Papers

Not a single student can avoid writing custom papers. However, a total lack of experience, skills, and time makes it very hard to produce a superb writing piece. Therefore, if you are seeking professional help, turn to us. Our specialized and experienced writers compose a variety of model papers, including custom essays, college term papers, research papers, book reports, MBA essays, executive summaries, dissertations, Ph.D. theses, admission essays, and research proposals for college and university students at any level.

Coursework

Essay Writing

Most of the students disregard the critical principles of essay writing and compose papers below sensible guidelines. Therefore, with Custom Writings Help, one should not worry about his/her essay. Our Writers compose informative and engaging content on all complexities and topics. We write meaningful and smart essays while prioritizing all aspects that bring about a good grade, such as impeccable grammar, proper structure, zero-plagiarism, and conformance to guidelines.

Coursework

Coourse Work Writing

Don't let the seemingly never-ending onslaught of writing assignments get you down. If you are looking where to get course work assistance online, the writers at Custom Writings Help are here to assist you with all of your writing needs. We undertake to unique delivery of papers that meet the professor's requirements. The content is proofread, edited, and checked plagiarism before submission to customers. No matter how big or small your work is, we will deliver on time. Try US Now! !

Coursework

Dissertation Writing Service

High-Quality Dissertation Writing Services are rare. They require Ph.D. academicians – not easily found. However, are an exception. The years, time, and resources we have invested in the dissertation world has given us a competitive advantage over others. Choose to come to Custom Writings Help; You will find perfect Ph.D. consultants who have written hundreds of dissertations theses ready to help you. Let our dissertation-writing services help you craft your dissertation, for you are assured we will give you the results.

Open chat