Multiple Choice
Match the terms that follow with the correct definitions.
-Account classifications that are closed into the Income Summary account
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
Q27: Revenue and expenses would not appear on
Q28: The closing process causes the account balance
Q29: In the closing procedure, the expense account(s)
Q30: Which of the following are all permanent
Q31: Explain the differences between cash and accrual
Q33: Financial statements prepared during the fiscal year
Q34: The Income Summary account balance should always
Q35: Match the terms that follow with the
Q36: The adjusted balances for Tomas Co. are
Q37: The entry to close expenses would involve