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Trial Balance
Quiz 3
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Q.1
The drawing account is a permanent account.
True
False
Q.2
The series of accounting activities included in recording financial information for a fiscal period is called an accounting cycle.
True
False
Q.3
To close a temporary account, an amount equal to its balance is recorded in the account on the side opposite to its balance.
True
False
Q.4
A post-closing trial balance verifies the equality of debits and credits in a general ledger after the closing entries are posted.
True
False
Q.5
Journal entries used to prepare temporary accounts for a new fiscal period are closing entries.
True
False
Q.6
The ending account balances of permanent accounts for one fiscal period are the beginning account balances for the next fiscal period.
True
False
Q.7
The Income Summary account has a normal debit balance.
True
False
Q.8
Temporary accounts include assets, expenses, and the owner’s drawing account.
True
False
Q.9
Temporary Accounts are also called nominal accounts.
True
False
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