Closing Entries - Accounting

Closing Entries - Accounting

10th - 12th Grade

8 Qs

quiz-placeholder

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Closing Entries - Accounting

Closing Entries - Accounting

Assessment

Quiz

Computers

10th - 12th Grade

Medium

Used 152+ times

FREE Resource

8 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following accounts is a temporary account?
cash
accounts payable
revenue
capital

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a "real" account?
cash
expenses
revenue
income summary

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Income Summary is a temporary account.
True
False

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which account should be closed first?
Revenue
Expenses
Income Summary
Withdrawals

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The fourth step is to close which of the following accounts?
capital
withdrawals
revenue
expenses

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Another word for permanent is "nominal"?
True
False

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following accounts should be set to zero at the end of an accounting period?
expenses
capital
accounts payable
equipment

8.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which financial statement should be prepared first?
balance sheet
income statement
statement of owner's equity