Reference no: EM132785591

Question 1: Closing entries ultimately will affect

a. total liabilities.

b. the Cash account.

C. total assets.

d. the Owner's Capital account.

Question 2: If no adjustments are needed for a particular entity, its

a. post-closing trial balance will be identical to its trial balance.

b. adjusted trial balance will be identical to its post-closing trial balance

c. trial balance will be identical to its adjusted trial balance.

d. trial balance, adjusted trial balance, and post-closing trial balance will be identical.

Question 3: Which of the following accounts is not closed during the closing process?

a. Income Summary

b. Owner's Capital

c. Commissions Revenues

d. Owner's Withdrawals

Question 4: Which of the following could not possibly be a closing entry?

a. Debit Income Summary and credit Owner's Capital

b. Debit Owner's Capital and credit Owner's Withdrawals

C. Debit Income Summary and credit Owner's Withdrawals

d.Debit Owner's Capital and credit Income Summary