Question 1

The post-closing trial balance is best prepared from the

Accepted Answer

A)   general ledger.
B)   general journal and the general ledger.
C)   general ledger and the financial statements.
D)   financial statements.
E)   income statement.

Question 2

Classify the following accounts as real (permanent) or nominal (temporary), and indicate with an X whether the account is closed. Also, indicate the financial statement in which each account will appear. The Accounts Payable account is given as an example.

Accepted Answer

The answer of Classify the following accounts as real (permanent)...

Question 3

Match between columns
                        Premises:  List of the final balances of the general ledger after end-of-year procedures
 Process in which preparing the post-closing trial balance is the last step
 Accounts that belong to only one fiscal year and are closed out at the end of each fiscal year
 The account used to record amounts taken out of the business by the owner
 Account classifications that are closed into the Income Summary account
 The debit to Income Summary represents the total
 Accounts that are not closed out at the end of each fiscal year
 Financial statements prepared during the fiscal year for a period of less than twelve months
 Clearing the accounts or bringing to zero balance
 Account that is used to assist in closing temporary-equity accounts

Accepted Answer

The Answer of Interim statements and Closing entries and Expenses is...

Question 4

Baker Co. uses the accrual basis of accounting. Baker Co. prepays cash in May for insurance that covers only the month of June. Which of the following statements is true?

Accepted Answer

A)   Baker Co. should record the insurance expense in May.
B)   Baker Co. should record the insurance expense in June.
C)   Baker Co. should record the payment of cash in June.
D)   Baker Co. should neither record the payment of cash nor the insurance expense in May.

Question 5

The last step in the accounting cycle is to

Accepted Answer

A)   prepare a trial balance.
B)   prepare a post-closing trial balance.
C)   complete the work sheet.
D)   journalize and post the adjusting entries.

Exam 5: Closing Entries and the Post-Closing Trial Balance

The last step in the accounting cycle is to

Correct Answer
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Baker Co. uses the accrual basis of accounting. Baker Co. prepays cash in May for insurance that covers only the month of June. Which of the following statements is true?

Correct Answer
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The post-closing trial balance is best prepared from the

Correct Answer
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Match the correct definitions below with the terms .

Classify the following accounts as real (permanent) or nominal (temporary), and indicate with an X whether the account is closed. Also, indicate the financial statement in which each account will appear. The Accounts Payable account is given as an example.

Correct Answer
verified

Exam 5: Closing Entries and the Post-Closing Trial Balance

The last step in the accounting cycle is to

Correct AnswerverifiedShow Answer

Baker Co. uses the accrual basis of accounting. Baker Co. prepays cash in May for insurance that covers only the month of June. Which of the following statements is true?

Correct AnswerverifiedShow Answer

The post-closing trial balance is best prepared from the

Correct AnswerverifiedShow Answer

Match the correct definitions below with the terms .

Classify the following accounts as real (permanent) or nominal (temporary), and indicate with an X whether the account is closed. Also, indicate the financial statement in which each account will appear. The Accounts Payable account is given as an example.

Correct AnswerverifiedShow Answer

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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