Financial - Chapter 5

Financial - Chapter 5

University

16 Qs

quiz-placeholder

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Financial - Chapter 5

Financial - Chapter 5

Assessment

Quiz

Other

University

Easy

Created by

Nguyên Đào

Used 5+ times

FREE Resource

16 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 20 pts

Which of the following accounts is considered a temporary or nominal account?

Prepaid Insurance

Unearned Service Revenue

Prepaid Advertising

Fees Earned Revenue

2.

MULTIPLE CHOICE QUESTION

30 sec • 20 pts

Which of the following accounts is considered a permanent or real account?

Interest Revenue

Prepaid Insurance

Supplies Expense

Insurance Expense

3.

MULTIPLE CHOICE QUESTION

30 sec • 20 pts

If a journal entry includes a debit or credit to the Cash account, it is most likely which of the following?

outside of the accounting cycle

an ordinary transaction entry

a closing entry

an adjusting entry

4.

MULTIPLE CHOICE QUESTION

30 sec • 20 pts

If a journal entry includes a debit or credit to the Retained Earnings account, it is most likely which of the following?

an ordinary transaction entry

an adjusting entry

a closing entry

outside of the accounting cycle

5.

MULTIPLE CHOICE QUESTION

30 sec • 20 pts

Which of these accounts would be present in the closing entries?

Sales Tax Payable

Dividends

Unearned Service Revenue

Accounts Receivable

6.

MULTIPLE CHOICE QUESTION

30 sec • 20 pts

Which of these accounts would not be present in the closing entries?

Utilities Expense

Dividends Payable

Fees Earned Revenue

Insurance Expense

7.

MULTIPLE CHOICE QUESTION

30 sec • 20 pts

Which of these accounts is never closed?

Dividends

Retained Earnings

Income Summary

Service Fee Revenue

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