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Accounting Chapter 10-quiz

9 Questions  I  By Cgowins
Accounting Quizzes & Trivia
Chapter 10 is a review of Closing Entries.

  
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1.  Permanent accounts are found on the Balance Sheet section of the work sheet.
A.
B.
2.  Income Summary has a normal debit balance.
A.
B.
3.  Closing or clearning accounts refers to forcing temporary accounts to have zero balances.
A.
B.
4.  The entry to close the Income Summary account is always the same:  Debit Income Summary and Credit Owner's Capital.
A.
B.
5.  Income Summary is classified as a Revenue account.
A.
B.
6.  Closing entries consists of 4 journal transactions.
A.
B.
7.  No calculations are needed in the closing entry process as all numbers come from the worksheet.
A.
B.
8.  Closing entries reduce the Capital balance to zero.
A.
B.
9.  List the four steps to closing accounts at the end of the fiscal period.
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