AC201Quiz3

AC201Quiz3 - AC 201 Principles of Accounting I Park...

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AC 201 Principles of Accounting I Name___Alcedo Sanchez_____ ___________________ Park University Version A Quiz 3A-Chapter 4 Multiple Choice Questions ( 10 points each ) Select the ONE, BEST Answer 1. Revenues, expenses, and withdrawals accounts, which are closed at the end of each accounting period are: A. Real accounts. B. Temporary accounts. C. Closing accounts. D. Permanent accounts. E. Balance sheet accounts. 2. Closing entries are required: A. if management has decided to cease operating the business. B. only if the company adheres to the accrual method of accounting. C. if a company's bookkeeper forgets to prepare reversing entries. D. if the temporary accounts are to reflect correct amounts for each accounting period. E. in order to satisfy the Internal Revenue Service. 1
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3. The special account used only in the closing process to temporarily hold the amounts of revenues and expenses before the net difference is added to (or subtracted from) the owner's capital account is the: A. Income Summary account.
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AC201Quiz3 - AC 201 Principles of Accounting I Park...

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