Accounting 1 Chapter 8

Flashcard
•
Business
•
10th - 12th Grade
•
Hard
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18 questions
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1.
FLASHCARD QUESTION
Front
Which of the following is FALSE about closing journal entries?
Closing entries are required for all permanent accounts,
Closing entries are required for all temporary accounts,
The closing entry will reduce the account balance to zero
Back
Closing entries are required for all permanent accounts
2.
FLASHCARD QUESTION
Front
Permanent accounts with (non-zero) balances go on the post-closing trial balance.
Back
True
3.
FLASHCARD QUESTION
Front
Cash
Back
Appears on the Post-Closing Trial Balance
4.
FLASHCARD QUESTION
Front
Petty Cash
Back
Appears on the Post-Closing Trial Balance
5.
FLASHCARD QUESTION
Front
Supplies Expense
Back
Requires a closing journal entry
6.
FLASHCARD QUESTION
Front
Cash Short and Over
Back
Requires a closing journal entry
7.
FLASHCARD QUESTION
Front
Insurance Expense
Back
Requires a closing journal entry
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