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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