会计循环1习题精选含答案.doc

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

2、ngrevenueandexpenseaccountsattheendoftheaccountingperiodservestomaketherevenueandexpenseaccountsreadyforuseinthenextperiod. TRUE 5. Theclosingprocesstakesplaceafterfinancialstatementshavebeenprepared. TRUE 6. Revenueandexpenseaccountsarepermanent(real)acc

3、ountsandshouldnotbeclosedattheendoftheaccountingperiod. FALSE7. Closingentriesresultinrevenuesandexpensesbeingreflectedintheowner'scapitalaccount. TRUE 8. Theclosingprocessisastepintheaccountingcyclethatpreparesaccountsforthenextaccountingperiod. TRUE 9. 

4、Theclosingprocessisatwo-stepprocess.Firstrevenue,expense,andwithdrawalsaresettoazerobalance.Second,theprocesssummarizesaperiod'sassetsandexpenses. FALSE  10. Closingentriesarerequiredattheendofeachaccountingperiodtocloseallledgeraccounts. FALSE 11. Closin

5、gentriesaredesignedtotransfertheend-of-periodbalancesintherevenueaccounts,theexpenseaccounts,andthewithdrawalsaccounttoowner'scapital. TRUE 12. TheIncomeSummaryaccountisapermanentaccountthatwillbecarriedforwardperiodafterperiod. FALSE 13. Closingentriesar

6、enecessarysothatowner'scapitalwillbegineachperiodwithazerobalance. FALSE 14. Permanentaccountscarrytheirbalancesintothenextaccountingperiod.Moreover,asset,liabilityandrevenueaccountsarenotclosedaslongasacompanycontinuesinbusiness. FALSE 15. Thefirststepin

7、theaccountingcycleistoanalyzetransactionsandeventstoprepareforjournalizing. TRUE 16. Theaccountingcyclereferstothesequenceofstepsinpreparingtheworksheet. FALSE 17. Thefirstfivestepsintheaccountingcycleincludeanalyzingtransactions,journalizing,posting,prep

8、aringanunadjustedtrialbalance,andrecordingadjustingentries. TRUE 18. Thelastfourstepsintheaccountingcycleincludepreparingtheadjustedtrialbalance,preparingfinancialstatementsandrecordingclosingandadjustingentries. FA