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
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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:
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- Spring '10
- Leland
- Income Statement, Revenue, Generally Accepted Accounting Principles
-
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