Multiple Choice
The special account used only in the closing process to temporarily hold the amounts of revenues and expenses before the net difference is added to (or subtracted from) the owner's capital account is the
A) Income Summary account
B) Closing account
C) Balance column account
D) Contra account
E) Temporary account
Correct Answer:
Verified
Correct Answer:
Verified
Q54: A company shows an $800 balance in
Q55: Which of the following statements is incorrect?<br>A)
Q56: Which of the following errors would cause
Q58: The work sheet is used to record
Q60: Explain the purpose of closing entries and
Q62: When expenses exceed revenues, there is a
Q63: Classified balance sheets commonly include the following
Q64: Asset, liability and revenue accounts are not
Q147: Closing revenue and expense accounts at the
Q172: Explain the purpose of reversing entries.