which of the following accounts should be closed to income summary at the end of the fiscal year?

Asked by 3 years ago
9.9k points
What is the major difference between the unadjusted trial balance and the adjusted trial balance?The adjusted trial balance includes the postings of the adjustments for the period in the balance of the accounts.
Notes receivable due in 390 days appear on thebalance sheet in the noncurrent assets section
Accumulated Depreciation appears on thebalance sheet in the property, plant, and equipment section
Unearned Fees appear on thebalance sheet as a current liability
Which one of the fixed asset accounts listed below will not have a related contra asset account?land
Prepaid insurance is reported on the balance sheet as acurrent asset
The income statement is prepared fromeither the adjusted trial balance or the Income Statement columns of the end-of-period spreadsheet
The first item appearing on the statement of retained earnings isthe beginning balance of retained earnings
The statement of retained earnings should be preparedafter the income statement and before the balance sheet
The income statement should be preparedbefore the retained earnings statement and balance sheet
The balance sheet should be preparedafter the income statement and the retained earnings statement
The retained earnings statement begins with the beginning balance followed byadding investments plus net income less dividends
The income statement will presentrevenues less expenses (ordered largest to smallest amount) with miscellaneous expense listed last
The classified balance sheet will show which asset subsections?current assets and property, plant, and equipment
The classified balance sheet will show which liability subsections?current liabilities and long-term liabilities
Debts listed as current liabilities are those thatwill be paid in less than one year
Stockholders' equity isadded to liabilities and the two are equal to assets
Balance sheet accountsare called real accounts
On which financial statement will Income Summary be shown?no financial statement
The income summary account is also calledthe clearing account
After posting the second closing entry to the income summary account, the balance will be equal tothe net income or net loss for the period
Which of the following account groups are nominal accounts?Rent Revenue, Fees Earned, Miscellaneous Expense
Which of the accounts below would be closed by posting a debit to the account?fees earned
Which of the following accounts should be closed to Income Summary at the end of the fiscal year?service revenue
Which of the following accounts will not be closed to Income Summary at the end of the fiscal year?prepaid insurance
Which of the following accounts will be closed to the retained earnings account at the end of the fiscal year?income summary
The entry to close the appropriate insurance account at the end of the accounting period isdebit Income Summary; credit Insurance Expense
The journal entry to close the Fees Earned, $750, and Rent Revenue, $175, accounts during the year-end closing process would be:Dec. 31 Fees Earned 750 Rent Revenue 175 Income Summary 925
Which of the accounts below would not appear in the balance sheet columns of the end-of-period spreadsheet?Service Revenue
Which of these accounts would appear in the Balance Sheet columns of the end-of-period spreadsheet?Prepaid Insurance
Which of the items below does not appear on the end-of-period spreadsheet?the closing enteries
Which of the following is not an essential part of the accounting records?the end-of-period spreadsheet
An end-of-period spreadsheet includes columns foradjusting entries
The end-of-period spreadsheetis used to summarize account balances and adjustments for the financial statements
The natural business year is afiscal year that ends when business activities are at their lowest point
Of the following steps of the accounting cycle, which step should be completed last?an adjusted trial balance is prepared
The accounting cycle requires three trial balances be done. In what order should they be prepared?un-adjusted, adjusted, postclosing
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Views: 241
Asked: 3 years ago