Multiple Choice
Match the terms that follow with the correct definitions.
-Accounts that belong to only one fiscal year and are closed out at the end of each fiscal year
A) Interim statements
B) Closing entries
C) Expenses
D) Real or permanent accounts
E) Drawing account
F) Income Summary
G) Post-closing trial balance
H) Accounting cycle
I) Expense and revenue
J) Temporary-equity accounts
Correct Answer:
Verified
Correct Answer:
Verified
Q43: After the temporary accounts are closed, only
Q44: The second step in the closing process
Q45: Match the terms that follow with the
Q46: The balance of Wages Payable will normally
Q47: Closing entries may be prepared from the
Q49: Which of the following steps follows the
Q50: Closing entries are posted to the work
Q51: Which of the following is the last
Q52: Financial statements prepared during the fiscal year
Q53: A net loss always increases liabilities.