会计循环1习题精选含答案

《会计循环1习题精选含答案》由会员上传分享，免费在线阅读，更多相关内容在行业资料-天天文库。

1、True/FalseQuestions 1. Accountsthatappearinthebalancesheetareoftencalledtemporary(nominal)accounts. FALSE2. IncomeSummaryisatemporaryaccountonlyusedfortheclosingprocess. TRUE 3. Revenueaccountsshouldbegineachaccountingperiodwithzerobalances. TRUE 4. Closingrevenueandexpenseaccountsatthe

2、endoftheaccountingperiodservestomaketherevenueandexpenseaccountsreadyforuseinthenextperiod. TRUE 5. Theclosingprocesstakesplaceafterfinancialstatementshavebeenprepared. TRUE 6. Revenueandexpenseaccountsarepermanent(real)accountsandshouldnotbeclosedattheendoftheaccountingperiod. FALSE7. 

3、Closingentriesresultinrevenuesandexpensesbeingreflectedintheowner'scapitalaccount. TRUE 8. Theclosingprocessisastepintheaccountingcyclethatpreparesaccountsforthenextaccountingperiod. TRUE 9. Theclosingprocessisatwo-stepprocess.Firstrevenue,expense,andwithdrawalsaresettoazerobalance.Seco

4、nd,theprocesssummarizesaperiod'sassetsandexpenses. FALSE  10. Closingentriesarerequiredattheendofeachaccountingperiodtocloseallledgeraccounts. FALSE 11. Closingentriesaredesignedtotransfertheend-of-periodbalancesintherevenueaccounts,theexpenseaccounts,andthewithdrawalsaccounttoowner'sca

5、pital. TRUE 12. TheIncomeSummaryaccountisapermanentaccountthatwillbecarriedforwardperiodafterperiod. FALSE 13. Closingentriesarenecessarysothatowner'scapitalwillbegineachperiodwithazerobalance. FALSE 14. Permanentaccountscarrytheirbalancesintothenextaccountingperiod.Moreover,asset,liabi

6、lityandrevenueaccountsarenotclosedaslongasacompanycontinuesinbusiness. FALSE 15. Thefirststepintheaccountingcycleistoanalyzetransactionsandeventstoprepareforjournalizing. TRUE 16. Theaccountingcyclereferstothesequenceofstepsinpreparingtheworksheet. FALSE 17. Thefirstfivestepsintheaccoun

7、tingcycleincludeanalyzingtransactions,journalizing,posting,preparinganunadjustedtrialbalance,andrecordingadjustingentries. TRUE 18. Thelastfourstepsintheaccountingcycleincludepreparingtheadjustedtrialbalance,preparingfinancialstatementsandrecordingclosingandadjustingentries. FA