3. Accrual Accounting Concepts

Which of the following journal entries correctly closes the revenue accounts at the end of the accounting period?

Which of the following accounts is NOT closed at the end of the accounting period?

To which of the following accounts should the balance in the Income Summary account be closed at the end of the accounting period?

Which of the following is the usual final step in the accounting cycle?

Which statement is correct regarding the closing process of a merchandiser?

Which of the following is the correct closing entry to transfer the balance of the Income Summary account (account number 901) to Retained Earnings on December 31?

To which of the following accounts should the balance in the Income Summary account be closed at the end of the accounting period?

On the closing statement, what is the term for an amount that appears in the party’s favor?

What is the primary purpose of closing entries in the accounting cycle?

When are closing entries journalized and posted in the accounting cycle?

Which of the following accounts is closed at the end of the accounting cycle?

Underapplied or overapplied manufacturing overhead can be disposed of by closing it to ______.

When does the closing process in accounting typically take place?

What is the primary purpose of closing entries in the accounting cycle?

Select the statement below that explains how to use the Income Summary account during the closing process: