Accounting Fundamentals Final Exam Review Questions And Complete Answers.
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Course
Fundamentals of Accounting
Institution
Fundamentals Of Accounting
When preparing a post-closing trial balance, what accounts do not appear on the statement? - Answer advertising Expense
drawing
sales
Accounts that are not needed to start the new fiscal period are known as - Answer temporary accounts
Adjusting entries are journalized using a __________...
Accounting Fundamentals Final Exam
Review Questions And Complete
Answers.
When preparing a post-closing trial balance, what accounts do not appear on the statement? - Answer
advertising Expense
drawing
sales
Accounts that are not needed to start the new fiscal period are known as - Answer temporary accounts
Adjusting entries are journalized using a __________. - Answer journal
The balance of income summary after the sales and expenses have been posted to it is also known as
______. - Answer Net income or net loss
The heading of the post closing trial balance and the heading of the income statement are formatted the
same way. (true or false) - Answer False
You should always draw double lines on the general ledgers to show that all totals have been verified.
(true or false) - Answer False
What account does the Sales account close into? - Answer income summary
What is another name for income summary? - Answer dumping account
When preparing a Post Closing Trial Balance, debit and credit columns must equal. If Cash is $7350, AR-
Romelle Woods is $372, AR-Wyatt Ames is $88, Supplies is $250, Prepaid Insurance is $900, AP-Colin Gas
is $975, AP-Grand Uniforms is $212, and Darlene Wong, Capital is $7773, what are the totals for the
debit and credit column in the Post Closing Trial Balance? - Answer $8960.00
, What type of account is Capital? - Answer permanent
What is the normal balance side of Drawing? - Answer debit
What is another name for permanent accounts? - Answer real
Expenses close to Capital on the debit side. (true or false) - Answer false
Capital is the only account left open after all temporary accounts have been closed. (true or false) -
Answer false
It is necessary to include the account numbers in the document number section when completing the
adjusting and closing entries journal. (true or false) - Answer false
After adjusting entries are posted, the supplies account balance will be equal to ____________. - Answer
the cost of supplies on hand at the end of the fiscal period
When revenue is greater than total expenses resulting in a net income, the income summary account
has a ___________. - Answer credit balance
Journal entries recorded to update general ledger accounts at the end of a fiscal period are ________. -
Answer adjusting entries
Accounts used to accumulate information from one fiscal period to the next are ________. (Hint: they
survive to the next fiscal period) - Answer permanent accounts
Journal entries used to prepare temporary accounts for a new fiscal period are called _________. -
Answer closing entries
A trial balance prepared after the closing entries are posted is called a ________. - Answer post closing
trial balance
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