1. Which of the following types of accounts is closed at the end of an accounting...
1. Which of the following types of accounts is closed at the end of an accounting cycle?
A) Dividends
B) Assets
C) Liabilities
D) Common Stock
2. Which of the following statements best describes the balance in a revenue account at the beginning of an accounting period?
A) Equal to the amount of retained earnings for the previous period
B) Last period's ending balance
C) Higher than the previous period’s beginning balance
D) Zero
Homework Answers
Question 1
Correct answer---------(A) Dividends
.
All temporary accounts are closed at the end of the period. Dividend is one of the temporary account which is closed to retained earning at the end of the accounting cycle.
Question 2
Correct answer---------D) Zero.
Revenue account is closed at the end of each period so the beginning balance in this account is always equal to zero.
Add Answer to:
1. Which of the following types of accounts is closed at the end
of an accounting...
15. Which of the following accounts is not closed at the end of the accounting period?...
15. Which of the following accounts is not closed at the end of the accounting period? Retained Earnings b. Operating Expenses c. Dividends d. Service Revenue
1. Which accounts do we close? And why do we close them? (hint: pay attention to...
1. Which accounts do we close? And why do we close them? (hint: pay attention to every word in the choices given) A) We close the temporary accounts only (revenue, expenses, dividends, and Income Summary) because we want to zero them out after we prepare the financial statements to have them start from zero the following period B) We close the temporary accounts only (revenue, expenses, dividends, Income Summary, and Retained Earnings) because we want to zero them out after...
All of the following statements are correct, EXCEPT: a. Temporary accounts are closed at the end...
All of the following statements are correct, EXCEPT: a. Temporary accounts are closed at the end of the accounting period to retained earnings. b. Asset, liability, and stockholders' equity accounts are referred to as permanent accounts. c. Adjusting entries are necessary when cash flow and the economic transaction occur in the same accounting period d. Revenue, expense, and dividend accounts are described as temporary accounts. e. Closing entries prepare accounting records for the next accounting period. At the end of...
1. Which account is closed at the end of an accounting period? Select one: a. Prepaid...
1. Which account is closed at the end of an accounting period? Select one: a. Prepaid Expense b. Sales Discount c. Unearned Revenue d. Retained Earnings 2. At the end of the current year, the Owners' Equity in LaRose Corporation is $188,000. During the year, the assets of the business had decreased by $90,000, and the liabilities had increased by $36,000. Owners' Equity at the beginning of the year must have been: Select one: a. $242,000 b. $314,000 c. $494,000...
1. All of the following accounts must be closed at the end of the accounting period...
1. All of the following accounts must be closed at the end of the accounting period except: A) Utilities Expense B) Unearned (deferred) revenue C) Dividends D) Service Revenue 2). Entity F has current assets of $1,600,000 and current liabilities of $750,000. If the company pays a $200,000 account payable what will its new current ratio be? (rounded) A) 1.89:1 B) 2.91:1 C) 2.55:1 D) 1.87:1 3) Entity E purchased land for a warehouse several years ago for $3 million. Although...
Which of the following accounts is not closed out at the end of the accounting period?
Which of the following accounts is not closed out at the end of the accounting period?a. Wages Expenseb. Accounts Receivablec. Bank Charges Expensed. Drawings
Closing accounts and the accounting cycle Required a. Identify which of the following accounts are temporary...
Closing accounts and the accounting cycle Required a. Identify which of the following accounts are temporary will be closed to Retained Earnings at the end of the year) and which are permanent: (1) Other Operating Expenses (2) Utilities Expense (3) Retained Earnings (4) Salaries Expense (5) Land (6) Dividends (7) Service Revenue (8) Cash (9) Salaries Payable (10) Common Stock
1) Which of the following groups of accounts must begin each accounting period with a zero...
1) Which of the following groups of accounts must begin each accounting period with a zero balance? a. Dividends, sales rev, Cash b. rent expense, U/R, divs c. prepaid rent, sales rev d. Dividends, rent expense, sales Rev e. Accounts receivable, Divs, rent expense 2) Which of the following statements about expenses in TRUE? -Expenses may INC (increase) Assets and DEC equity -Expenses may INC liabilities and DEC equity -Expenses may INC...
Question 1 (4 points) Each of the following accounts is closed to Retained Earnings except a....
Question 1 (4 points) Each of the following accounts is closed to Retained Earnings except a. Expenses. b. Income Summary c. Dividends. d. All of these are closed Retained Earnings. Question 7 (4 points) The financial figures on the financial statements are equal to the a. Trial balance columns on the worksheet. O b. Adjustments columns on the worksheet. c. Adjusted trial balance columns on the worksheet. d. None of the above.
3. The balance in the income summary account before it is closed will be equal to...
3. The balance in the income summary account before it is closed will be equal to A) the net income or loss on the income statement. B) the beginning balance in the retained earnings account. C) the ending balance in the retained earnings account. D) zero. 4. A post-closing trial balance will show A) only permanent account balances. B) only temporary account balances. C) zero balances for all accounts. D) the amount of net income (or loss) for the period....
15. Which of the following accounts is not closed at the end of the accounting period? Retained Earnings b. Operating Expenses c. Dividends d. Service Revenue
Closing accounts and the accounting cycle Required a. Identify which of the following accounts are temporary will be closed to Retained Earnings at the end of the year) and which are permanent: (1) Other Operating Expenses (2) Utilities Expense (3) Retained Earnings (4) Salaries Expense (5) Land (6) Dividends (7) Service Revenue (8) Cash (9) Salaries Payable (10) Common Stock
Question 1 (4 points) Each of the following accounts is closed to Retained Earnings except a. Expenses. b. Income Summary c. Dividends. d. All of these are closed Retained Earnings. Question 7 (4 points) The financial figures on the financial statements are equal to the a. Trial balance columns on the worksheet. O b. Adjustments columns on the worksheet. c. Adjusted trial balance columns on the worksheet. d. None of the above.
3. The balance in the income summary account before it is closed will be equal to A) the net income or loss on the income statement. B) the beginning balance in the retained earnings account. C) the ending balance in the retained earnings account. D) zero. 4. A post-closing trial balance will show A) only permanent account balances. B) only temporary account balances. C) zero balances for all accounts. D) the amount of net income (or loss) for the period....
Most questions answered within 3 hours.
-
1. In eukaryotic cells the genomes of
&
asked 20 minutes ago -
The standard enthalpy of propanol (C3H7OH) is -303.0 kJ/mol.
Compute both of the
gross and net...
asked 20 minutes ago -
2) Write a C++ program that uses a class called “Degree” to
obtain the trigonometric
values...
asked 21 minutes ago -
Why PWM using H-bridge for control motor speed is more power
effiecient than the linear amplifier...
asked 35 minutes ago -
In 1999, Carly Fiorina famously said,"I hope that we are at a
point that everyone is...
asked 37 minutes ago -
Individuals in a species of moth vary in wing color from white to
black, but all...
asked 50 minutes ago -
The following standards for variable manufacturing overhead have
been established for a company that makes only...
asked 1 hour ago -
The United States government wanted to determine what proportion
of Americans approve of the current president,...
asked 1 hour ago -
2-N stone is dropped from the top of a cliff. The stone hits the
ground 3...
asked 1 hour ago -
Vitamins participate in metabolic reactions in their coenzyme
forms . Match the following reactions to the respective...
asked 1 hour ago -
We have developed a new mobile device and wish to gain insight
into the price that...
asked 1 hour ago -
12.8 ml of a solution is run into an empty flask, from a buret.
The mass...
asked 1 hour ago