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Acct.1-Quiz-Unit 8 Cent. 21

Quiz by Teresa

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25 questions
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  • Q1
    Accounts used to accumulate information from one fiscal period to the next.
    Permanent Accounts
    30s
  • Q2
    Accounts used to accumulate information until it is transferred to the owner's capital account.
    Temporary Accounts
    30s
  • Q3
    Journal entries used to prepare temporary accounts for a new fiscal period.
    Closing Entries
    30s
  • Q4
    A trial balance prepared after the closing entries are posted.
    Post-closing Trial Balance
    30s
  • Q5
    The series of accounting activities included in recording financial information for a fiscal period.
    Accounting Cycle
    30s
  • Q6
    Another name for permanent accounts.
    Real Accounts
    30s
  • Q7
    Another name for temporary accounts.
    Nominal Accounts
    30s
  • Q8
    Temporary account used to close at the end of a fiscal period.
    Income Summary
    30s
  • Q9
    The accountant who conducts the audit
    Auditor
    30s
  • Q10
    An accounting business that helps other businesses with accounting issues.
    Public Accounting Firm
    30s
  • Q11
    An examination of financial records, accounts and supporting documents to check their accuracy.
    Audit
    30s
  • Q12
    A paper or electronic path that provides a documented history of a transaction.
    Audit Trail
    30s
  • Q13
    The capital account's new balance after all closing entries are posted is verified by checking it with the amount of capital shown on the balance sheet at the______
    End of the fiscal period
    30s
  • Q14
    The ending account balances of permanent accounts for one fiscal period are the beginning account balances for the:
    Next fiscal period
    30s
  • Q15
    A post-closing trial balance verifies the equality of debits and credits in a general ledger after the closing entries are:
    Posted
    30s

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