Closing Process for Temporary Accounts - Activity

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Maitha Malallah

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Froggy Jumps Closing Process for Temporary Accounts - ActivityVersión en línea By Maitha por Maitha Malallah 1 Timeframe for the Permanent Accounts a Ongoing (future periods). b One period only. c Doesn't have a timeframe 2 Which of the following is a Temporary Account? a Revenues b Accounts Payable c Cash 3 Timeframe for the Temporary Accounts a Doesn't have a timeframe b Ongoing (future periods). c One period only. 4 Which of the following groups consists only of Permanent Accounts? a Cash, Utilities Expense, and Accounts Payable b Assets, Liabilities, and Owner's Capital c Revenues, Expenses, and Withdrawals 5 Which account is used to formally transfer Net Income or Loss to the Owner’s Capital account during the closing process? a Accounts Receivable b Cash c Income Summary 6 Which of the following is the primary purpose of the Post-Closing Trial Balance? a To verify that all temporary accounts have been reset to zero and only permanent accounts remain. b To list all revenues and expenses for the upcoming period. c To record new transactions that happened during the closing process.

Froggy Jumps

Closing Process for Temporary Accounts - ActivityVersión en línea

By Maitha

por Maitha Malallah

Timeframe for the Permanent Accounts

Ongoing (future periods).

One period only.

Doesn't have a timeframe

Which of the following is a Temporary Account?

Revenues

Accounts Payable

Cash

Timeframe for the Temporary Accounts

Doesn't have a timeframe

Ongoing (future periods).

One period only.

Which of the following groups consists only of Permanent Accounts?

Cash, Utilities Expense, and Accounts Payable

Assets, Liabilities, and Owner's Capital

Revenues, Expenses, and Withdrawals

Which account is used to formally transfer Net Income or Loss to the Owner’s Capital account during the closing process?

Accounts Receivable

Cash

Income Summary

Which of the following is the primary purpose of the Post-Closing Trial Balance?

To verify that all temporary accounts have been reset to zero and only permanent accounts remain.

To list all revenues and expenses for the upcoming period.

To record new transactions that happened during the closing process.

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Closing Process for Temporary Accounts - Activity

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Closing Process for Temporary Accounts - ActivityVersión en línea

por Maitha Malallah

Timeframe for the Permanent Accounts

Which of the following is a Temporary Account?

Timeframe for the Temporary Accounts

Which of the following groups consists only of Permanent Accounts?

Which account is used to formally transfer Net Income or Loss to the Owner’s Capital account during the closing process?

Which of the following is the primary purpose of the Post-Closing Trial Balance?

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