Chapter 8 Test
Quiz by Lynn Lambert
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9 questions
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- Q1Income Summary is a(n)temporary accountliability accountasset accountpermanent account20s
- Q2The last step in the accounting cycle is torecord transactions in a journaljournalize and post closing entriesprepare a post-closing trial balanceprepare a work sheet20s
- Q3When the total expenses are greater than the total revenues,debits equal creditsthe Income summary had a credit balancethe Income Summary had a debit balancenone of these20s
- Q4After the closing entries are posted, the owner’s capital account balance should be the same as shownon the balance sheet for the fiscal period.in the work sheet’s Income Statement Debit column.in the work sheet’s Balance Sheet Credit column.in the work sheet’s Balance Sheet Debit column.20s
- Q5Temporary accounts begin each new fiscal period with abalance equal to net incomedebit balancecredit balancezero balance20s
- Q6Permanent accounts are used to accumulate information until it is transferred to the owner’s capital account.TrueFalse20s
- Q7The drawing account is a temporary account.FalseTrue10s
- Q8The series of accounting activities included in recording financial information for a fiscal period is called an accounting cycle.FalseTrue10s
- Q9At the end of a fiscal period, the balances of permanent accounts are summarized and transferred to the owner’s capital account.TrueFalse10s