3. Accrual Accounting Concepts

Closing entries are necessary at the end of each accounting period to:

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

Which of the following journal entries would be required to close a Salaries Expense account at the end of the accounting period?

Which of the following accounts would be closed by posting a debit to the account during the closing process?

Why are closing entries in accounting considered a one-time process at the end of each accounting period?

Which 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?

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

On a closing statement, ______ goes in the seller’s credit column and the buyer’s debit column.

Which of the following entries properly closes a temporary account at the end of the accounting period?

Which of the following is NOT a closing entry?

Which of the following lists contains only temporary accounts?

At the end of the year, what is included in the closing entry to close a revenue account?

The last step in the accounting cycle is to:

Which of the following accounts is a temporary account?

Which of the following best explains why temporary accounts must start each fiscal period with a zero balance?