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Accounting-Chapter 16

Quiz by Katie Scott

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8 questions
Show answers
  • Q1
    Where is information obtained to journalize adjusting entries?
    General Ledger Accounts
    Adjustments columns of a work sheet
    Balance Sheet columns of a work sheet
    Income Statement columns of a work sheet
    10s
  • Q2
    Where is information obtained to journalize closing entries?
    All of These
    Income Statement columns
    Balance Sheet columns
    Statement of Stockholder's Equity
    10s
  • Q3
    When is the Income Summary account used?
    At the beginning of a fiscal period
    Never
    At the end of a fiscal period
    Throughout the fiscal period
    10s
  • Q4
    Where can the amount for the closing entry for Income Summary be found?
    Statement of Stockholder's Equity (SSE)
    Work sheet & SSE
    General Ledger
    Work Sheet
    10s
  • Q5
    What type of account is Dividends?
    Permanent
    Temporary
    Real
    Liability
    10s
  • Q6
    Which account is revenue closed into?
    Retained Earnings
    Sales
    Capital Stock
    Income Summary
    10s
  • Q7
    Will Income Summary be debited or credited on the third closing entry if there is a net loss?
    Credited
    Debited
    10s
  • Q8
    Which concept goes with adjusting and closing entries?
    Matching Expenses with Revenue
    Adequate Disclosure
    Consistent Reporting
    Business Entity
    10s

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