3. Accrual Accounting Concepts

Which of the following accounts are closed at the end of the year?

Which of the following accounts is included in a closing entry at the end of an accounting period?

What is the primary purpose of closing entries in the accounting cycle?

Which of the following accounts is NOT closed to Income Summary when preparing closing entries as of August 31 under the perpetual inventory system?

Which of the following accounts will NOT be closed during the closing process?

Which of the following is a temporary account?

Which 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?

Which of the following is the correct journal entry to close the Dividends account at the end of the accounting period?

Which of the following journal entries correctly closes the revenue accounts at the end of the accounting period?

Which of the following accounts is NOT closed at the end of the accounting period?

To which of the following accounts should the balance in the Income Summary account be closed at the end of the accounting period?

Which of the following is the usual final step in the accounting cycle?

Which statement is correct regarding the closing process of a merchandiser?

Which of the following is the correct closing entry to transfer the balance of the Income Summary account (account number 901) to Retained Earnings on December 31?

To which of the following accounts should the balance in the Income Summary account be closed at the end of the accounting period?