Question

1. Which of these accounts is included in the post-closing trial balance?

a. Accounts Payable

b. Supplies Expense

c. Sales Revenue

d. Insurance Expense

2. On which of the following would the year-end Retained Earnings balance be stated correctly?

a. Post-Closing Trial Balance

b. Unadjusted Trial Balance

c. Adjusted Trial Balance

d. The Worksheet

3. Which of these accounts is never closed?

a. Prepaid Rent

b. Income Summary

c. Rent Revenue

d. Rent Expense

4. Which of these accounts is included in the post-closing trial balance?

a. Retained Earnings

b. Sales Revenue

c. Salaries Expense

d. Dividends

Answer 1

Answers

1. Which of these accounts is included in the post-closing trial balance?
Correct Answer = Option a. Accounts Payable, because it’s a permanent liability account shown on Balance sheet.
Rest option:

b. Supplies Expense [Expense]

c. Sales Revenue [Revenue]

d. Insurance Expense [Expenses]

2. On which of the following would the year-end Retained Earnings balance be stated correctly?
Correct Answer = Option a. Post-Closing Trial Balance
This Is because in Post closing trial balance, Retained earnings balance = beginning balance + revenues – expenses – dividends =year end balance.

3. Which of these accounts is never closed?
Correct Answer = Option a. Prepaid Rent, as its an Asset account shown in Balance Sheet.
rest:

b. Income Summary, closed to retained earnings

c. Rent Revenue-closed to Income Summary

d. Rent Expense-closed to Income Summary

4. Which of these accounts is included in the post-closing trial balance?

Correct Answer = Option a. Retained Earnings
Rest:

b. Sales Revenue gets closed to Income Summary

c. Salaries Expense gets closed to income summary

d. Dividends gets closed to retained earnings