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Trial Balance
Quiz 2
Solution
Q.1.
To record revenue that has been received but not yet earned, an entry is made that increases a liability account.
True
False
Q.2.
Interest incurred but not yet paid.
accrual
accrued interest expense
accrued expenses
deferral
Q.3.
Payments for goods or services which have not yet been received.
accrued interest expense
accrued expenses
adjusted trial balance
deferred expenses
Q.4.
Expenses incurred in one fiscal period but not paid until a later fiscal period.
accrual
accrued interest expense
accrued expenses
deferral
Q.5.
douse UAE award for Creative Sport?
true
false
Q.6.
Where do you use creative movement?
Dance routines
Gymnastics
Yoga
All Of above
Q.7.
Individual balancing is an type of balance?
true
false
Q.8.
How many types of balancing?
1
2
3
4
Q.9.
What is balance ?
to stand up
are an important part of creative performance.
way we move around
different types, speeds and levels of travelling movements
Q.10.
The journal entry to close Income Summary when there is a net income is
a. debit Sales; credit Income Summary.
b. debit owner’s capital; credit Income Summary.
c. debit owner’s capital; credit Sales.
d. debit Income Summary; credit owner’s capital.
Q.11.
Temporary accounts begin each new fiscal period with a
a. debit balance.
b. credit balance.
c. zero balance.
d. balance equal to the net income.
Q.12.
After closing entries are posted, the balance in the owner’s drawing account should be
a. a debit.
b. zero.
c. a credit.
d. none of these.
Q.13.
After the closing entries are posted, the owner’s capital account balance should be the same as shown
a. on the balance sheet for the fiscal period.
b. in the work sheet’s Balance Sheet Debit column.
c. in the work sheet’s Balance Sheet Credit column.
d. in the work sheet’s Income Statement Debit column.
Q.14.
Accounts used to accumulate information from one fiscal period to the next are
a. revenue accounts.
b. permanent accounts.
c. temporary accounts.
d. expense accounts.
Q.15.
When the total expenses are greater than the total revenues,
a. the Income Summary account has a credit balance.
b. the Income Summary account has a debit balance.
c. debits equal credits.
d. none of these.
Q.16.
Income Summary is a(n)
a. asset account.
b. liability account.
c. temporary account.
d. permanent account.
Q.17.
The last step in the accounting cycle is to
a. record transactions in a journal.
b. prepare a work sheet.
c. journalize and post closing entries.
d. prepare a post-closing trial balance.
Q.18.
The accounts that appear on the post-closing trial balance are
a. assets, liabilities, and owner’s capital.
b. revenue, expenses, and owner’s drawing.
c. all accounts in the chart of accounts.
d. all temporary accounts.
Q.19.
At the end of a fiscal period, the balances of permanent accounts are summarized and transferred to the owner's capital account.
True
False
Q.20.
Temporary accounts must start each fiscal period with a zero balance.
True
False
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