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QN=189 Which accounts don't need to do closing entries?

• a. Revenue

• b. Expense

• c. Income Summary

• d. Withdrawals

• e. Current asset

QN=190 At the beginning of 2009, a company's balance sheet reported the following balances: Total Assets = $125,000; Total Liabilities = $75,000; and Owner's Capital = $50,000. During 2009, the company reported revenues of $46,000 and expenses of $30,000. In addition, owner's withdrawals for the year totaled $20,000. Assuming no other changes to owner's capital, the balance in the owner's capital account at the end of 2009 would be:

• a. $66,000.

• b. $86,000.

• c. $(4,000)

• d. $46,000

• e. Cannot be determined from the information provided.

QN=191 Dina Kader withdrew a total of $35,000 from her business during the current year. The entry needed to close the withdrawals account is:

• a. Debit Income Summary and credit Cash for $35,000

• b. Debit Dina Kader, Withdrawals and credit Cash for $35,000.

• c. Debit Income Summary and credit Dina Kader, Withdrawals for $35,000

• d. Debit Dina Kader, Capital and credit Dina Kader, Withdrawals for $35,000

• e. Debit Dina Kader, Withdrawals and credit Dina Kader, Capital for $35,000.

QN=192 Which statement is true?

• a. Revenue and expense accounts are permanent accounts and should be closed at the end of the accounting period

• b. Revenue and withdrawal accounts are permanent accounts and should be closed at the end of the accounting period.

• c. Revenue and expense accounts are temporary accounts and should be closed at the end of the accounting period.

• d. Revenue and asset accounts are temporary accounts and should be closed at the end of the accounting period.

• e. Liability and asset accounts are temporary accounts and should be closed at the end of the accounting period.

QN=193 Which is the process that resets revenue, expense and withdrawal account balances to zero at the end of the period

• a. Adjusting account

• b. Closing process

• c. Recording transaction

• d. Prepare trial balance

• e. Prepare financial statement

QN=194 Which accounts belong to Temporary Accounts?

• a. Asset, liability, withdrawal, income summary

• b. Revenue, asset, withdrawal, income summary

• c. Revenue, expense, liability, income summary

• d. Revenue, expense, withdrawal, income summary

• e. Revenue, expense, withdrawal, asset

QN=195 Which statement is true?

• a. Income summary and withdrawals accounts are permanent accounts and should be closed at the end of the accounting period

• b. Income summary and withdrawals accounts are temporary accounts and should be closed at the end of the accounting period.

• c. Income summary and withdrawals accounts are temporary accounts and don't need to be closed at the end of the accounting period

• d. Income summary and Liability accounts are temporary accounts and should be closed at the end of the accounting period.

• e. Income summary and asset accounts are temporary accounts and should be closed at the end of the accounting period.

QN=196 Which account of these accounts will be presented in Post-closing trial balance?

• a. Salaries expense

• b. Withdrawal

• c. Net income

• d. Retained Earnings

• e. Sales revenue

QN=197 Which accounts belong to Permanent Accounts?

• a. Revenue, asset, liability

• b. Revenue, expense, income summary

• c. Asset, liability, owner capital

• d. Revenue, expense, withdrawal

• e. Asset, liability, revenue

QN=198 Which accounts need to do closing entries?

• a. Close Revenue accounts to Income Summary

• b. Close Expense accounts to Income Summary

• c. Close Income Summary account to Owner's Capital

• .d. Close Withdrawals account to Owner's Capital

• e. All of these