Multiple Choice
Which of the following steps should you complete before closing a client's books? Select the correct option.
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3. Accrual Accounting Concepts
Closing Entries
Back3. Accrual Accounting Concepts
Closing Entries
- Multiple ChoiceWhich of the following accounts will be credited in order to close it at the end of the accounting period?87views
- Multiple ChoiceWhen preparing closing entries, what is the correct procedure for closing revenue accounts at the end of the accounting period?77views
- Multiple ChoiceWhat is the primary purpose of closing entries in the accounting cycle?94views
- Multiple ChoiceWhat is the primary purpose of closing entries in the accounting cycle?96views
- Multiple ChoiceWhich of the following is NOT a temporary account?105views
- Multiple ChoiceWhich of the following accounts are closed at the end of the year?112views
- Multiple ChoiceWhich of the following accounts is included in a closing entry at the end of an accounting period?90views
- Multiple ChoiceWhat is the primary purpose of closing entries in the accounting cycle?92views
- Multiple ChoiceWhich of the following accounts is NOT closed to Income Summary when preparing closing entries as of August 31 under the perpetual inventory system?110views
- Multiple ChoiceWhich of the following accounts will NOT be closed during the closing process?101views
- Multiple ChoiceWhich of the following is a temporary account?32views
- Multiple ChoiceWhich of the following is the correct journal entry to close the Income Summary account with a net income at the end of the accounting period?78views
- Multiple ChoiceWhich of the following is the correct journal entry to close the Dividends account at the end of the accounting period?90views
- Multiple ChoiceWhich of the following journal entries correctly closes the revenue accounts at the end of the accounting period?82views