3. Accrual Accounting Concepts

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

Which of the following is the correct closing entry to close revenue accounts at the end of the accounting period?

Which of the following is the correct journal entry to close the revenue account(s) at the end of the accounting period?

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

In preparing closing entries at the end of an accounting period, which of the following accounts is NOT closed to the Income Summary account?

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

Which of the following is the correct journal entry to close revenue accounts at the end of the accounting period?

What is the primary goal of the closing process in financial accounting?

Which of the following is the correct fourth closing entry to close the Dividends account to the Retained Earnings account?

What is the primary goal of the closing process in financial accounting?

The purpose of closing entries is to transfer:

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 correct closing entry to close revenue accounts at the end of the accounting period?

Which of the following is an objective for preparing closing entries?

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