Multiple Choice
Which of the following best describes the journal entry to close the revenue account at the end of the accounting period?
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3. Accrual Accounting Concepts
Closing Entries
Back3. Accrual Accounting Concepts
Closing Entries
- Multiple ChoiceWhich of the following steps should you complete before closing a client's books? Select the correct option.25views
- Multiple ChoiceWhich of the following accounts will be credited in order to close it at the end of the accounting period?24views
- Multiple ChoiceWhen preparing closing entries, what is the correct procedure for closing revenue accounts at the end of the accounting period?18views
- Multiple ChoiceWhat is the primary purpose of closing entries in the accounting cycle?20views
- Multiple ChoiceWhat is the primary purpose of closing entries in the accounting cycle?28views
- Multiple ChoiceWhich of the following is NOT a temporary account?23views
- Multiple ChoiceWhich of the following accounts are closed at the end of the year?23views
- Multiple ChoiceWhich of the following accounts is included in a closing entry at the end of an accounting period?18views
- Multiple ChoiceWhat is the primary purpose of closing entries in the accounting cycle?20views
- Multiple ChoiceWhich of the following accounts is NOT closed to Income Summary when preparing closing entries as of August 31 under the perpetual inventory system?26views
- Multiple ChoiceWhich of the following accounts will NOT be closed during the closing process?21views
- Multiple ChoiceWhich of the following is a temporary account?4views
- Multiple ChoiceWhich of the following is the correct journal entry to close the Income Summary account with a net income at the end of the accounting period?19views
- Multiple ChoiceWhich of the following is the correct journal entry to close the Dividends account at the end of the accounting period?24views