Reference no: EM132908793

Problem 1: Which of the following accounts is NOT a temporary account?

A) Withdrawals

B) Fees Earned

C) Cash

D) Income Summary

Problem 2: An account in which the balance is not carried over from one accounting period to the next is called a

A) permanent account.

B) real account.

C) temporary account.

D) zero account.

Problem 3: Closing entries

A) need not be journalized since they appear on the worksheet.

B) need not be posted if the financial statements are prepared from the worksheet.

C) are not needed if adjusting entries are prepared.

D) must be journalized and posted.

Problem 4: The correct order for closing accounts is

A) revenue, expenses, income summary, withdrawals.

B) revenue, income summary, expenses, withdrawals.

C) revenue, expenses, capital, withdrawals.

D) revenue, capital, expenses, withdrawals.

Problem 5: After posting the closing entries, which of the following accounts is most likely NOT to have a zero balance?

A) Prepaid Insurance

B) Advertising Expense

C) J. Smith, Withdrawals

D) Medical Fees