Quiz Detail

Q1 . Which of the following accounts does NOT get closed?

A Capital

B Drawings

C Sales

D Salaries expense

Q2 . Which of the following accounts gets closed?

A Prepaid Insurance

B Accumulated Depreciation - equipment

C Supplies

D Rent Expense

Q3 . Which of the following is the correct order for the accounting cycle?

A Journal, ledger, trial balance, adjustments, closing entries, financial statements

B Journal, ledger, adjustments, closing entries, trial balance, financial statements

C Journal, ledger, trial balance, financial statements, adjustments, closing entries

D Journal, ledger, trial balance, adjustments, financial statements, closing entries

Q4 . On the worksheet, when you subtract balance sheet debits from balance sheet credits, what should the result be equal to?

A Capital

B Net income

C Total assets

D Total liabilities

Q5 . On which financial statement does the Income Summary account appear?

A Income statement

B Statement of owner's equity

C Balance sheet

D None of the above

Q6 . Which of the following is the correct order for the accounting cycle?

A Journal, ledger, adjusted worksheet, financial statements, closing entries

B Journal, ledger, adjusted worksheet, closing entries, financial statements

C Ledger, journal, adjusted worksheet, financial statements, closing entries

D Journal, ledger, closing entries, financial statements, adjusted worksheet

Q7 . How many closing journal entries do you have to make?

A 1

B 2

C 3

D 4

Q8 . In the event of a net loss, what would happen to the Income Summary Account during the closing entries?

A It would be debited.

B It would be credited.

C It would not be used.

Q9 . On the worksheet, in which columns does a net income appear?

A Income statement debit and balance sheet credit

B Income statement credit and balance sheet debit

C Income statement debit and balance sheet debit

D Income statement credit and balance sheet credit

Q10 . What would be a suitable account # for the Income Summary account?

A 103

B 203

C 303

D 403

Q11 . In which column of the worksheet do we show the drawings account?

A Income statement debit

B Income statement credit

C Balance sheet debit

D Balance sheet credit

11 Accounting - February 22, 2016