Question : 73. Another name for a temporary account a(n): A. Real account.B. Contra account.C. Accrued account.D. Balance : 1257872

 

73. Another name for a temporary account is a(n): 
A. Real account.
B. Contra account.
C. Accrued account.
D. Balance column account.
E. Nominal account.

74. Which of the following accounts are permanent (real) accounts? 
A. Fees earned.
B. Office supplies expense.
C. Interest revenue.
D.Accounts payable.
E.Salaries expense.

75. When closing entries are made: 
A. All ledger accounts are closed to start the new accounting period.
B. All temporary accounts are closed but permanent accounts are not closed.
C. All real accounts are closed but nominal accounts are not closed.
D. All permanent accounts are closed but nominal accounts are not closed.
E. All balance sheet accounts are closed.

76. Revenues, expenses, and  dividend accounts, which are closed at the end of each accounting period are: 
A. Real accounts.
B. Temporary accounts.
C. Closing accounts.
D. Permanent accounts.
E. Balance sheet accounts.

77. Assets, liabilities, and equity accounts are not closed; these accounts are called: 
A. Nominal accounts.
B. Temporary accounts.
C. Permanent accounts.
D. Contra accounts.
E. Accrued accounts.

78. Closing the temporary accounts at the end of each accounting period does all of the following except: 
A. Serves to transfer the effects of these accounts to the  retained earnings account on the balance sheet.
B. Prepares the  dividends account for use in the next period.
C. Brings the revenue and expense accounts to zero balances.
D. Has no effect on the  retained earnings account.
E. Causes  retained earnings to reflect increases from revenues and decreases from expenses and  dividends.

79. Journal entries recorded at the end of each accounting period to prepare the revenue, expense, and  dividend accounts for the upcoming period and to update the  retained earnings account for the events of the period just finished are referred to as: 
A. Adjusting entries.
B. Closing entries.
C. Final entries.
D. Work sheet entries.
E. Updating entries.

80. The closing process is necessary in order to: 
A. Calculate net income or net loss for an accounting period.
B. Ensure that all permanent accounts are closed to zero at the end of each accounting period.
C. Ensure that the company complies with state laws.
D. Ensure that net income or net loss and  dividends for the period are closed into the  retained earnings account.
E. Ensure that management is aware of how well the company is operating.

81. The recurring steps performed each reporting period in preparing financial statements, starting with analyzing and recording transactions in the journal and continuing through the post-closing trial balance, is referred to as the: 
A. Accounting period.
B. Operating cycle.
C. Accounting cycle.
D. Closing cycle.
E. Natural business year.

82. Which of the following is the usual final step in the accounting cycle? 
A. Journalizing transactions.
B. Preparing an adjusted trial balance.
C. Preparing a post-closing trial balance.
D. Preparing the financial statements.
E. Preparing a work sheet.

 

Place your order
(550 words)

Approximate price: $22

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more