{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

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

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
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: 1
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
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:
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}