Question 1

Closing entries will affect:

Accepted Answer

A) total assets. 
B) Cash. 
C) Owner's Capital. 
D) total liabilities. 
A) total assets. 
B) Cash. 
C) Owner's Capital. 
D) total liabilities.

Question 2

For each of the following,identify in Column 1 the category to which the account belongs,in Column 2 the normal balance for the account,in Column 3 the financial statement on which the account balance is reported,and in Column 4 the nature of the account (permanent/temporary).
Example:
 $$\begin{array} { | l | l | c | c | c | } 
\hline & \text { Column 1 } & \text { Column } 2 & \text { Column } 3 & \text { Column } 4 \
\hline \text { Cash } & \text { asset } & \text { debit } & \text { palance sheet } & \text { permanent } \
\hline
\end{array}$$
-$$\begin{array} { | l | l | l | l | l | } 
\hline & \text { Column } 1 & \text { Column } 2 & \text { Column } 3 & \text { Column } 4 \
\hline \text { Accumulated } & & & & \
\text { Depreciation } & & & & \
\hline
\end{array}$$

Accepted Answer

The answer of For each of the following,identify in Column...

Question 3

When the balance of the Income Summary account is a credit,the entry to close this account is:

Accepted Answer

A) debit Withdrawals;credit Income Summary. 
B) debit Income Summary;credit Revenue. 
C) debit Income Summary;credit Capital. 
D) debit Revenue;credit Income Summary. 
A) debit Withdrawals;credit Income Summary. 
B) debit Income Summary;credit Revenue. 
C) debit Income Summary;credit Capital. 
D) debit Revenue;credit Income Summary.

Question 4

After posting the closing entries,which of the following accounts is most likely NOT to have a zero balance?

Accepted Answer

A) Prepaid Insurance Expense 
B) Advertising Expense 
C) J)Smith,Withdrawals 
D) Medical Fees Earned 
A) Prepaid Insurance Expense 
B) Advertising Expense 
C) J)Smith,Withdrawals 
D) Medical Fees Earned

Question 5

Mark's Tree Service depreciation for the month is $500.The adjusting journal entry is:

Accepted Answer

A) 
$\begin{array}{|l|l|}
\hline\text { Equipment } & 500 \
\hline \text { Accumulated Depreciation } &500\\hline
\end{array}$ 
B) 
  
C) 
  
D) 
  
A) 
$\begin{array}{|l|l|}
\hline\text { Equipment } & 500 \
\hline \text { Accumulated Depreciation } &500\\hline
\end{array}$ 
B) 
  
C) 
  
D)

Question 6

Revenues are closed to the Expense accounts.

Accepted Answer

A) True 
 B)False

Closing entries will affect:

When the balance of the Income Summary account is a credit,the entry to close this account is:

After posting the closing entries,which of the following accounts is most likely NOT to have a zero balance?

Mark's Tree Service depreciation for the month is $500.The adjusting journal entry is:

Revenues are closed to the Expense accounts.

Accounting Concepts and Procedures

Debits and Credits: Analyzing and Recording Business Transactions

Beginning the Accounting Cycle

The Accounting Cycle Continued

Banking Procedure and Control of Cash

Calculating Pay and Payroll Taxes: the Beginning of the Payroll Process

Paying,recording,and Reporting Payroll and Payroll Taxes:

Sales and Cash Receipts

Purchases and Cash Payments

Preparing a Worksheet for a Merchandise Company

Completion of the Accounting Cycle for a Merchandise Company

Accounting for Bad Debts

Notes Receivable and Notes Payable

Accounting for Merchandise Inventory

Accounting for Property,plant,equipment,and Intangible Assets

Partnership

Corporations: Organizations and Stock

Corporations: Stock Values,dividends,treasury Stocks,

Corporations and Bonds Payable

Statement of Cash Flows

Analyzing Financial Statements

The Voucher System

Departmental Accounting

Manufacturing Accounting

Filters

Exam 5: The Accounting Cycle Completed

Closing entries will affect:

When the balance of the Income Summary account is a credit,the entry to close this account is:

After posting the closing entries,which of the following accounts is most likely NOT to have a zero balance?

Mark's Tree Service depreciation for the month is $500.The adjusting journal entry is:

Revenues are closed to the Expense accounts.

Accounting Concepts and Procedures

Debits and Credits: Analyzing and Recording Business Transactions

Beginning the Accounting Cycle

The Accounting Cycle Continued

Banking Procedure and Control of Cash

Calculating Pay and Payroll Taxes: the Beginning of the Payroll Process

Paying,recording,and Reporting Payroll and Payroll Taxes:

Sales and Cash Receipts

Purchases and Cash Payments

Preparing a Worksheet for a Merchandise Company

Completion of the Accounting Cycle for a Merchandise Company

Accounting for Bad Debts

Notes Receivable and Notes Payable

Accounting for Merchandise Inventory

Accounting for Property,plant,equipment,and Intangible Assets

Partnership

Corporations: Organizations and Stock

Corporations: Stock Values,dividends,treasury Stocks,

Corporations and Bonds Payable

Statement of Cash Flows

Analyzing Financial Statements

The Voucher System

Departmental Accounting

Manufacturing Accounting

Filters