Question 1

10 / 10 pts

Revenues are part of the temporary accounts.

  

True

 

  

False

 

 

Question 2

10 / 10 pts

Expenses are part of the temporary accounts.

  

True

 

  

False

 

 

IncorrectQuestion 3

10 / 10 pts

Assets are part of the temporary accounts.

  

True

 

  

False

 

 

Question 4

10 / 10 pts

Liabilities and Stockholder’s Equity are part of the temporary accounts.

  

True

 

  

False

 

 

Question 5

10 / 10 pts

Closing entries are made to do the following, select all that apply:

  

Close Revenues out to a temporary income summary account

 

  

Close Assets out to a temporary income summary account

 

  

Close Expenses out to a temporary income summary account

 

  

Close Liabilities and Stockholders’ equity out to a temporary income summary account

 

 

Question 6

10 / 10 pts

To close expenses out to the temporary income summary account you complete which of the following?

  

Credit the expenses and debit the temporary income summary account

 

  

Debit the expenses and credit the temporary income summary account

 

  

No answers are correct

 

 

Question 7

10 / 10 pts

To close revenues out to the temporary incomes summary account you complete which of the following?

  

Debit the revenues and credit the temporary income summary account

 

  

Credit the revenues and debit the temporary income summary account

 

  

No answers are correct

 

 

Question 8

10 / 10 pts

The temporary income summary account is then (select the right answer)

  

The account balance is moved to retained earnings account

 

  

The account balance is moved to the cash account

 

  

The account balance remains in the temporary income summary account

 

  

No answers are correct

 

 

IncorrectQuestion 9

10 / 10 pts

The expenses and revenues flow in which financial statement (select the correct answer)?

  

Income Statement

 

  

Balance Sheet

 

  

Statement Cash Flows

 

  

No answers are correct

 

 

IncorrectQuestion 10

10 / 10 pts

The Assets and Liabilities and Stockholder’s Equity flow into which financial statement (select the correct answer)?

  

Balance Sheet

 

  

Income Statement

 

  

Statement of Cash Flows

 

  

No answers are correct

 

 

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Status NEW Posted 17 Mar 2024 05:03 AM My Price 10.00

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file 1710654544-JWI 530 Good Vibrations Closing Entries Quiz.docx preview (246 words )

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