Accounting Cycle and Classifying Accounts MCQs

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Which of the following accounts is not a temporary account?






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The subtotals of the Income Statement columns of the work sheet are $3,500 and $4,900, respectively. If the subtotal of the Balance Sheet Debit column...






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The subtotals of the Income Statement columns of the work sheet are $6,200 and $4,900, respectively. If the subtotal of the Balance Sheet Debit column...






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Revenue and expense accounts at the beginning and end of the accounting period should have






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Which is true about an adjusting entry?






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After the closing procedure is complete, which of the documents proves the equality of debits and credits?






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At the end of the fiscal year, an adjusting entry was made for accrued salaries of $500. On the first day of the new year the adjusting entry was reve...






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Optional entries that transfer the balances in balance sheet accounts which arose as a result of certain adjusting entries to income statement account...






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The last account listed on the post-closing trial balance for a corporation is the






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The last account listed on the post-closing trial balance for a single proprietorship business is the