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Retained Earnings
Quiz 1
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Q.1
Also known as the "Long-term Assets"
Non-current Assets
Current Assets
Non-current liabilities
Current Liabilities
Q.2
The journal entry to close Income Summary when there is a net loss is
debit Revenues, credit Income Summary
debit Retained earnings; credit Income Summary
debit Retained earnings; credit Revenues
debit Income Summary; credit Retained earnings
Q.3
Which of the following accounts is a temporary account?
cash
accounts payable
revenue
capital
Q.4
Items 5-7 refer to the following information:Cost of equipment (year end$000Allowance for depreciation (January 1,$000Rate of depreciation 10%Depreciation method : Reducing Balance What is the annual depreciation for 2014?
$2 500
$7 500
$9 000
$10 000
Q.5
Temporary accounts begin each new fiscal period with a
debit balance
credit balance
zero balance
balance equal to the net income
Q.6
Income Summary is a(n)
asset account
liability account
temporary account
permanent account
Q.7
The last step in the accounting cycle is to
record transactions in a journal
prepare a work sheet
journalize and post closing entries
prepare a post-closing trial balance
Q.8
The fourth step is to close which of the following accounts?
share capital
dividend
revenue
expense
Q.9
Which account should be closed first?
Revenue
Expense
Income Summary
Dividends
Q.10
Which of the following is a "real" account?
cash
expenses
revenue
income summary
Q.11
After closing entries are posted, Retained earnings' balance should be the same as shown
on the balance sheet at the end of the fiscal period
on the income statement for the fiscal period
on the adjusted trial balance
on the trial balance
Q.12
When the total revenues are greater than the total expenses,
the Income Summary account has a credit balance
The Income Summary account has a debit balance
debits equal credits
none of these
Q.13
Which account would not be contained on a post-closing trial balance?
Unearned Revenue
Accumulated Depreciation - Office Equipment
Share capital
Dividends
Q.14
What is the source of information for completing the closing entries?
Unadjusted trial balance
Income Statement
Adjusted trial balance
Work sheet
Q.15
Into which account is the amount of net income or net loss closed?
Share capital
Retained Earnings
Cash
Dividends
Q.16
After the first two closing entries are posted, the balance of the Income Summary account should equal the net income/loss on the
balance sheet
statement of owner's equity
work sheet
income statement
Q.17
If a corporation does not pay out dividends, it would only prepare three closing entries.
True
False
Q.18
Temporary accounts include assets, expenses, and dividends.
True
False
Q.19
Retained Earning can be found under _____________.
Assets
Liabilities
Owner's Equity
Q.20
Following are accounts under________.•Trade and other payable•Provision•Financial liabilities•Liabilities for taxes
Assets
Liabilities
Owner's Equity
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