Q.1.
Also known as the "Long-term Assets"
Q.2.
The journal entry to close Income Summary when there is a net loss is
Q.3.
Which of the following accounts is a temporary account?
Q.4.
Items 5-7 refer to the following information:Cost of equipment (year end$000Allowance for depreciation (January 1,$000Rate of depreciation 10%Depreciation method : Reducing Balance What is the annual depreciation for 2014?
Q.5.
Temporary accounts begin each new fiscal period with a
Q.6.
Income Summary is a(n)
Q.7.
The last step in the accounting cycle is to
Q.8.
The fourth step is to close which of the following accounts?
Q.9.
Which account should be closed first?
Q.10.
Which of the following is a "real" account?
Q.11.
After closing entries are posted, Retained earnings' balance should be the same as shown
Q.12.
When the total revenues are greater than the total expenses,
Q.13.
Which account would not be contained on a post-closing trial balance?
Q.14.
What is the source of information for completing the closing entries?
Q.15.
Into which account is the amount of net income or net loss closed?
Q.16.
After the first two closing entries are posted, the balance of the Income Summary account should equal the net income/loss on the
Q.17.
If a corporation does not pay out dividends, it would only prepare three closing entries.
Q.18.
Temporary accounts include assets, expenses, and dividends.
Q.19.
Retained Earning can be found under _____________.
Q.20.
Following are accounts under________.•Trade and other payable•Provision•Financial liabilities•Liabilities for taxes