What is the last step in the accounting cycle?

Chapter 4

Quiz
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Life Skills
•
University
•
Hard

Adriano Lima e Silva
Used 14+ times
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Prepare the financial statements.
Prepare the post-closing trial balance.
Journalize closing entries.
Prepare the adjusted trial balance.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which columns of the accounting worksheet show un-adjusted amounts?
Trial Balance
Adjustments
Balance Sheet
Income Statement
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following accounts may appear on a post-closing trial balance?
Cash, Service Revenue, and Rent Expense
Cash, Accounts Receivable, and Rent Revenue
Cash, Accounts Receivable, and Prepaid Rent
Cash, Accounts Receivable, and Rent Expense
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which situation indicates a net income within the Income Statement columns of the worksheet?
Total debits exceed total credits.
Total debits equal total credits.
Total credits exceed total debits.
None of the above are correct.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Christopher’s Closet sells men’s clothing. At the end of the current year, Christopher’s Closet has Rent Expense of $1,500, and Supplies Expense of $829. What closing entry will Christopher’s Closet make for these expense accounts?
DR Rent expense 1,500 + DR Supplies expense 829 + CR Cash 2,329
CR Rent expense 1,500 + CR Supplies expense 829 + DR Cash 2,329
DR Rent expense 1,500 + DR Supplies expense 829 + CR Income Summary 2,329
CR Rent expense 1,500 + CR Supplies expense 829 + DR Income Summary 2,329
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following accounts is closed at the end of the accounting cycle?
Cash
Owner Withdrawals
Salary Payable
Accumulated Depreciation
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following statements is true?
Cash is a nominal account, and Service Revenue is a temporary account.
Equipment is a real account, and Salary Expense is a permanent account.
Accounts Receivable is a temporary account, and Owner Withdrawals is a real account.
Prepaid Rent is a permanent account, and Income Summary is a nominal account.
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