ACCOUNTING - 5

ACCOUNTING - 5

University

11 Qs

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ACCOUNTING - 5

ACCOUNTING - 5

Assessment

Quiz

Mathematics

University

Practice Problem

Medium

Created by

Danielle Eizy Bautista

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11 questions

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1.

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1 min • 1 pt

is a columnar sheet of paper used to summarize information such as adjusting and closing entries to facilitate preparation of the financial statements.

2.

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1 min • 1 pt

are entries prepared at the end of the accounting period to bring the balances of the temporary or nominal account to zero, so that they will be ready to receive data for the next accounting period.


3.

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1 min • 1 pt

a temporary account or clearing account

4.

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1 min • 1 pt

The balances in the revenue account are transferred to the income summary account by debiting each revenue account for the amount of its balance, and crediting the income summary account for the total revenue.

5.

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1 min • 1 pt

The balances in the expense account are transferred to the income summary account by debiting the income summary account for the total expense, and crediting each expense account for the amount of its balance.

6.

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1 min • 1 pt

The balances in the income summary account are transferred to the owner’s capital.


7.

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1 min • 1 pt

credit balance - debiting income summary, crediting the owner’s capital account

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