Multiple Choice
Match the terms that follow with the correct definitions.
-Clearing the accounts or bringing to zero balance
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
Q1: Munoz Co. prepays cash in October for
Q3: Which of the following is true of
Q4: The Income Summary account would be reported
Q5: The last step in the closing procedure
Q6: After closing the expense accounts, the total
Q7: Below is an alphabetical list of
Q8: Closing entries are prepared to close the<br>A)
Q9: If L. Green's total revenue for the
Q10: Both income statement and balance sheet accounts
Q11: Which of the following accounts would not