lesson05-selftest - Task Team of FUNDAMENTAL ACCOUNTING...

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Task Team of FUNDAMENTAL ACCOUNTING School of Business, Sun Yat-sen University Lesson 5 Completing the Accounting Cycle Self-Test Answer the following questions: 1. what are the four closing entries? 2. what is the purpose of income summary account? 3. how is an unearned revenue classified of the balance sheet? 4. what account(s) are effected by closing entries? What accounts are not affected? 5. describe the similarities and differences between adjusting and closing entries T or F questions 1. An after—closing trial balance consists only of asset, liability, and owner’s equity accounts.( ) 2. Adjusting and closing entries ordinarily do not affect the Cash account.( ) 3. Income Summary account is a permanent account. ( ) 4. balance sheet accounts are all permanent account ( ) 5. after closing entries the temporary accounts are all have zero balance. ( ) Multiple choice 1. The purpose of making closing entries is to: a Prepare revenue and expense accounts for the recording of the next period’s
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lesson05-selftest - Task Team of FUNDAMENTAL ACCOUNTING...

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