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

 

 

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