Which one of the following accounts would NOT be closed at the end of the accounting year? 2. Supplies Expense 5. During the end-of-period processing, which of the following best describes the logical order of steps. A. after the balance sheet and before the retained earnings statement, after the retained earnings statement and balance sheet, before the retained earnings statement and balance sheet, after the retained earnings statement and before the balance sheet. B) Estimated revenues. Accounting Mcqs for Preparation of various Test announced by Fpsc, kppsc, Nts, ppsc. please thanks. At the end of a company's fiscal year, close all temporary accounts. Accounting Mcqs. Supplies 4. shaniagoundan shaniagoundan Not 100% sure but i THINK it is A/P. C. Dividends and credit Retained Earnings. The corporation uses th, South-Western Federal Taxation Comprehensive Volume 2014 need solution. accounting-and-taxation; 0 Answers. Relevance. Accounts that are Debited in the Closing Entries. AX FORM/RETURN PREPARATION PROBLEM C:3-63 Knoxville Musical Sales, Inc. is located at 5500 Kingston Pike, Knoxville, TN 37919. asked Aug 2, 2017 in Business by UberCool. C. Retained Earnings The entry to close the appropriate insurance … Which of the following accounts will not be closed to Income Summary at the end, 15 out of 16 people found this document helpful. 1. 3. Which of the following accounts are not closed at the end of the accounting period: a. Utilities Payable [ Choose ] credit debit n/a . a. Retained Earnings c. Utilities Expense d. Salaries Payable e. Salaries Expense f. Operating Expenses g. Accounts Payable h. Unearned Revenue i. Prepaid Rent j. Commissions Earned Accounts Receivable C. Depreciation Expense D. Purchases. 5 - As of December 31, the end of the current year,... Ch. A) Service Revenue. Which is the following accounts is not closed during the closing process: owner's capital; Commissions Earned; Income Summary; Withdrawals? Sales. D. Cost of Merchadise Sold. The beginning inventory amount. Chapter 4--Completing the Accounting Cycle, Principles of Financial Accounting_Chapter_4_Practice, Seminole State College of Florida • ACG 2022. 5 - Classify the following accounts as real... Ch. a. If it is not closed to Income Summary, mark as n/a. If it is not closed to Income Summary, match as n/a. B) Depreciation Expense. Conversely, permanent accounts accumulate balances on an ongoing basis through many fiscal years, and so are not closed at the end of the fiscal year. A) Owner's Name, Capital. All of the following are the primary financial statements of a sole proprietorship except the. Ch. Course Hero is not sponsored or endorsed by any college or university. Answer: B. B. Professional Fees b. J. Bean, Drawing c. Wages Expense d. Income Summary e. Accumulated Depreciation. All Topics Topic Education Homework Help Finance & Accounting » Which of the following accounts should be closed kekebrown Posts: 20, Reputation: 0. Dividends and credit Income Summary. A. Utilites Expense B. Which Accounts are Closed at Year End? 118. Sales B. a. accounts payable b. depreciation expense c. income summary See answer Melotabbiebmo is waiting for your help. A. added to the balance per books. Which accounts get closed at the end of a fiscal year? As this is assessed on the available Reserve fund & profit. B)$500. New Member : Sep 14, 2008, 12:56 PM Which of the following accounts should be closed. C) Interfund transfers out. Accounts Receivable 8. What is the first account that should be listed in the post closing trial balance? Don G. Lv 7. This preview shows page 4 - 6 out of 6 pages. Answer Which of the following accounts should be closed to Income Summary at the end of the fiscal year? )A check for $235 is incorrectly recorded by a company as $253. Commissions Earned C. Retained Earnings D. Income Summary 2. Accumulated Depreciation c. Dividends d. Utilities Expense 3. 2.) On the bank reconciliation the $18 error should be income summary. Which of the following accounts will not be closed to Income Summary at the end of the fiscal year? accounting mcqs for accountant. 1. Which of the following accounts are closed at the end of the accounting period? 0 votes. Real or permanent accounts are balance sheet accounts which have a continuous nature and accumulate data from period to period; such accounts are not closed at the end of the reporting period. Which of the following accounts will not be closed to Income Summary at the end of the fiscal year? procedure? Explore answers and all … Dividends Retained Earnings and credit Dividends. All Balance Sheet accounts are real accounts which are not closed during closing process. D. added to the balance per bank. be closed to Income Summary at the end of the fiscal year? Apricot follows a policy of recording all prepaid expenses to asset accounts at the time of cash payment. B. The following temporary accounts normally have credit balances that require a debit as part of the closing entries: Revenue accounts; Gain accounts Temporary accounts include all of the income statement accounts (revenues, expenses, gains, losses), the sole proprietor's drawing account, the income summary account, and any other account that is used for keeping a tally of the current year amounts. Cost of Goods Sold. Which of the following accounts are closed at the end of an accounting period? Income and Expense accounts are closed to Retained Earnings. Which of the following accounts will be closed to the retained earnings account at the end of the fiscal year? 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 . The four basic steps in the closing process are: Which of the following accounts would not be closed at the end of each fiscal year? A) Fund balance. We use cookies to give you the best possible experience on our website. During the first year, there were credit sales of $40,000 and collections of credit sales of $36,000. )The entry to close the Dividends account is debit 7 years ago. Answer Save. Answer All income statement items (revenues and expenses) along with drawing and dividend accounts are closed at the end of … C) Accounts Receivable Permanent accounts are balance sheet accounts which do not close at the end of the accounting year, as opposed to income statement account balances which are removed an added to retained earnings. A. Nominal accounts B. Favorite Answer. 12. Question 60. Retained Earnings and credit Dividends. Identify which of the following accounts should be closed with a debit or a credit to Income Summary at the end of the fiscal year. A. Multiple Choice . B. A. 1. Which of the Following Accounts Would Not Be Closed at the End. Operating Expenses. Cost of Merchandise Sold Accumulated… D) Expenditures. Identify which of the following accounts should be closed with a debit or a credit to Income Summary at the end of the fiscal year. B. After net income is entered on the end-of-period spreadsheet, the Balance Sheet Debit and Credit, be the same amount as the total amount of the Income Statement Debit and Credit columns, be the same amount as the total amount in the Adjusted Trial Balance Debit and Credit columns, not be equal to each other and need not be the same total amounts as any other pair of columns on, When the end-of-period spreadsheet is complete, the adjustment columns should have, total debits greater than total credits if a net loss was incurred, total credits greater than total debits if a net income was earned, total debits greater than total credits if a net income was earned. )The entry to close the Dividends account is debit Answer A. Course Hero is not sponsored or endorsed by any college or university. The following accounts were taken from the Adjusted Trial Balance columns of the work sheet: Utilities Payable [ Choose ] credit debit n/a Utilities Expense [ Choose ] credit debit n/a Supplies [ Choose ] credit debit n/a Supplies Expense The financial statement & notes read … Which of the following accounts is not closed? Accounts Receivable C. Common Stock D. Dividends E. Retained Earnings 96. B) Service Revenue. If a credit balance exists, then Income Summary must be debited for the amount required to give it a zero balance, and the owners Capital account is … Identify which of the following accounts should be closed with a debit or a credit to Income Summary at the end of the fiscal year. Which of the following accounts should be closed to Income Summary at the end of the fiscal year? After revenue and expense accounts have been closed, the Income Summary account will have either a debit balance or a credit balance. If it is not closed to Income Summary, match as n/a. Temporary accounts accumulate balances for a single fiscal year and are then emptied. Unearned Fees 7. B) Dividend : is not closed at end of Accounting period. Utilities Payable 2. Which of the following accounts is not closed at the end of the year? Fees Earned C. Prepaid Insurance D. Insurance Expense a. Which of the following accounts should be closed to J. Bean, Capital, in the fourth closing entry? C. Drawing. Nominal accounts and real accounts Nominal or temporary accounts are income statements accounts that are closed to Income Summary at the end of the reporting period. D. Income Summary 390,387 students got unstuck by Course Hero in the last week, Our Expert Tutors provide step by step solutions to help you excel in your courses. C) Accounts Payable. PROBLEM 5—PARTNERSHIP (FORM 1065) On January 1, 2004, the Bra, Smart Art is a new establishment. Jason Hill, Drawing 9. B. Offered Price: $ 3.00 Posted By: SVExpert Posted on: 05/13/2016 05:00 PM Due on: 06/12/2016 . 0 0. 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