Temporary accounts also known as real accounts-true or false

Reference no: EM132787524

True or false

Question 1: To simplify the recording of regular transactions in the next accounting period, alladjusting journal entries are reversed.

Question 2: Post-closing trial balance tests the equality of the accounts after the adjustments and the closing entries are posted.

Question 3: Supplies Expense is a temporary account.

Question 4: A revenue account is closed with a credit to the revenue account and a debit to Income Summary.

Question 5: An expense account is closed with a debit to the expense account and a credit to Income Summary.

Question 6: Income Summary is closed with a debit to Income Summary and a credit to theOwner's Withdrawals account.

Question 7: When profit or loss is exactly zero, one of the usual closing entries will be avoided.

Question 8: The Income Summary account appears in the income statement.

Question 9: Temporary accounts are also known as real accounts.

Question 10: During the closing process, revenues are transferred to the credit side of the Income Summary account.

Reference no: EM132787524

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