Accounting Chapter 10

Accounting Chapter 10

11th Grade

20 Qs

quiz-placeholder

Similar activities

11 Accounting Quiz 4

11 Accounting Quiz 4

11th Grade

20 Qs

Entrepreneurship 2bgu - Partial 4

Entrepreneurship 2bgu - Partial 4

11th Grade

19 Qs

Debt Vocabulary

Debt Vocabulary

10th - 12th Grade

18 Qs

My Leadership Skills

My Leadership Skills

9th - 12th Grade

22 Qs

orgstruc2

orgstruc2

9th - 11th Grade

15 Qs

Social Media Marketing Mastery

Social Media Marketing Mastery

9th - 12th Grade

15 Qs

2023 Credit Quiz

2023 Credit Quiz

11th Grade

20 Qs

Topic 4: Opportunity and Risk

Topic 4: Opportunity and Risk

9th - 11th Grade

15 Qs

Accounting Chapter 10

Accounting Chapter 10

Assessment

Quiz

Business

11th Grade

Practice Problem

Medium

Created by

Scott Hingle

Used 58+ times

FREE Resource

AI

Enhance your content in a minute

Add similar questions
Adjust reading levels
Convert to real-world scenario
Translate activity
More...

20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

These are made to close out or reduce to zero the balance of certain general ledger accounts.

compound entry

closing entries

permanent accounts

temporary accounts

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

This is prepared to prove that debits in the ledger accounts are equal to the credits after the closing entries have been posted.

compound entry

closing entry

income summary account

post-closing trial balance

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Their balances are listed on the post-closing trial balance

permanent accounts

temporary accounts

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A general ledger account used to accumulate and summarize the revenue and expenses for a period.

income summary account

post-closing trial balance

balance sheet

income statement

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Accounts that start an accounting period with zero balance.

permanent account

temporary account

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The purpose of the Income Summary account is to ____________.

to close the temporary accounts

to accumulate and summarize the revenue and expenses for the period

to transfer the balance of the Income Summary account to the capital account

to report the net income or net loss for the account period

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Transactions involving revenue, expenses, and withdrawals are recorded in the _________.

permanent accounts

financial statements

general journal

temporary capital accounts

Access all questions and much more by creating a free account

Create resources

Host any resource

Get auto-graded reports

Google

Continue with Google

Email

Continue with Email

Classlink

Continue with Classlink

Clever

Continue with Clever

or continue with

Microsoft

Microsoft

Apple

Apple

Others

Others

Already have an account?