Accounting 1 Chapter 8
Authored by Beth Birchler
Business
10th - 12th Grade
Used 28+ times
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18 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is FALSE about closing journal entries?
Closing entries are required for all permanent accounts
Closing entries are required for all temporary accounts
The closing entry will reduce the account balance to zero
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Permanent accounts with (non-zero) balances go on the post-closing trial balance.
True
False
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Cash
Requires a closing journal entry
Appears on the Post-Closing Trial Balance
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Petty Cash
Requires a closing journal entry
Appears on the Post-Closing Trial Balance
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Supplies Expense
Requires a closing journal entry
Appears on the Post-Closing Trial Balance
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Cash Short and Over
Requires a closing journal entry
Appears on the Post-Closing Trial Balance
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Insurance Expense
Requires a closing journal entry
Appears on the Post-Closing Trial Balance
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