3. Accrual Accounting Concepts

Place the steps in the four-step closing process in the correct order:

Which of the following statements about the closing process is true?

Which of the following transactions is considered a closing journal entry?

Which of the following correctly summarizes the steps in the closing process?

Which of the following is the correct entry to close income statement accounts with debit balances at the end of the accounting period?

Which of the following best describes the closing process in financial accounting?

Which of the following is critical for the final step of preparing closing entries in the accounting cycle?

In the context of closing entries in financial accounting, what is the primary purpose of preparing closing entries at the end of an accounting period?

Closing entries move the balances from the ______ accounts into the retained earnings account.

Which of the following is the last step in the business operating cycle?

The primary purpose of closing entries is to:

The Income Summary account can be defined as which of the following?

Which of the following journal entries is used to record the closing of credit balances in temporary accounts at the end of an accounting period?

Which of the following journal entries correctly closes income statement accounts with credit balances at the end of the accounting period?

Which of the following accounts would be closed by posting a debit to it at the end of the accounting period?