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Chapter 8 Test

Quiz by Lynn Lambert

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9 questions
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  • Q1
    Income Summary is a(n)
    temporary account
    liability account
    asset account
    permanent account
    20s
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  • Q2
    The last step in the accounting cycle is to
    record transactions in a journal
    journalize and post closing entries
    prepare a post-closing trial balance
    prepare a work sheet
    20s
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  • Q3
    When the total expenses are greater than the total revenues,
    debits equal credits
    the Income summary had a credit balance
    the Income Summary had a debit balance
    none of these
    20s
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    Delete
  • Q4
    After the closing entries are posted, the owner’s capital account balance should be the same as shown
    on 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
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    Delete
  • Q5
    Temporary accounts begin each new fiscal period with a
    balance equal to net income
    debit balance
    credit balance
    zero balance
    20s
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  • Q6
    Permanent accounts are used to accumulate information until it is transferred to the owner’s capital account.
    True
    False
    20s
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  • Q7
    The drawing account is a temporary account.
    False
    True
    10s
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    Delete
  • Q8
    The series of accounting activities included in recording financial information for a fiscal period is called an accounting cycle.
    False
    True
    10s
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    Delete
  • Q9
    At the end of a fiscal period, the balances of permanent accounts are summarized and transferred to the owner’s capital account.
    True
    False
    10s
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    Delete

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