Multiple Choice
When closing entries are made
A) All balance sheet accounts are closed.
B) All permanent accounts are closed but not the temporary accounts.
C) All real accounts are closed but not the temporary accounts.
D) All ledger accounts are closed to start the new fiscal period.
E) All temporary accounts are closed but not the permanent accounts.
Correct Answer:
Verified
Correct Answer:
Verified
Q14: Reversing entries<br>A)Are required by CRA.<br>B)Are optional.<br>C)Fix errors
Q15: The Income Summary account is a(n)<br>A)Balance Sheet
Q16: A trial balance prepared after the adjusting
Q18: Journal entries recorded at the end of
Q20: An error is indicated if the following
Q21: Accounts that are used to describe assets,
Q22: A post-closing trial balance shows<br>A)All ledger accounts
Q23: Which of the following statements is incorrect?
Q24: A 10-column spreadsheet used to draft a
Q101: Use the balance sheet you prepared above