Question :
31. The Dividend account a(n): A. temporary accountB. asset accountC. real accountD. liability account
32. Which of the : 1224886
31. The Dividend account is a(n):
A. temporary account
B. asset account
C. real account
D. liability account
32. Which of the following does not occur during the closing process?
A. Journal entries are made to return the balance in all temporary accounts to zero.
B. Journal entries are made to transfer the net income or loss to retained earnings.
C. Journal entries are made to return the balance in all permanent accounts to zero.
D. Journal entries are made to transfer the dividends to retained earnings.
33. Which of the following entries properly closes a temporary account?
A. Retained Earnings 20,000
Service Revenue 20,000
B. Dividends 200
Retained Earnings 200
C. Accumulated Depreciation 1,600
Retained Earnings 1,600
D. Retained Earnings 400
Salaries Expense 400
34. Which of the following entries properly closes a temporary account?
A. Service Revenues 20,000
Retained Earnings 20,000
B. Unearned Revenue 10,200
Retained Earnings 10,200
C. Accumulated Depreciation 1,600
Retained Earnings 1,600
D. Dividends 400
Retained Earnings 400
35. Which of the following accounts will appear in a post-closing trial balance?
A. Dividends
B. Retained Earnings
C. Operating Expense
D. Fees Earned
36. There are three closing entries. The first one is to close ____, the second one is to close ____, and the last one is to close ____.
A. revenues, expenses, dividends
B. expenses, assets, capital stock
C. capital stock, dividends, assets
D. dividends, expenses, assets
37. The entry to close the Insurance Expense account at the end of the accounting period is to:
A. debit Retained Earnings and credit Prepaid Insurance
B. debit Prepaid Insurance and credit Retained Earnings
C. debit Insurance Expense and credit Retained Earnings
D. debit Retained Earnings and credit Insurance Expense
38. The post-closing trial balance differs from the adjusted trial balance in that it:
A. does not take into account closing entries.
B. does not take into account adjusting entries.
C. does not include balance sheet accounts.
D. does not include income statement accounts.
39. The accounting cycle requires three trial balances be prepared. In what order are they prepared?
A. Post-closing, unadjusted, and adjusted
B. Unadjusted, post-closing, and adjusted
C. Unadjusted, adjusted, and post-closing
D. Post-closing, adjusted, and unadjusted
40. Which one of the following is the last step in the accounting cycle?
A. Journalizing and posting accounting transactions
B. Journalizing and posting adjusting entries
C. Preparing a post-closing trial balance
D. Preparing financial statements
