What are closing entries?

What are closing entries?
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What are closing entries?
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In preparing closing entries for a merchandising company, the Income Summary account will be credited for the balance of a. sales. b. merchandise inventory. c. sales discounts. d. freight-out.

Description : In preparing closing entries for a merchandising company, the Income Summary account will be credited for the balance of a. sales. b. merchandise inventory. c. sales discounts. d. freight-out.

Last Answer : b. merchandise inventory.

Correcting entries are made a. at the beginning of an accounting period. b. at the end of an accounting period. c. whenever an error is discovered. d. after closing entries.

Description : Correcting entries are made a. at the beginning of an accounting period. b. at the end of an accounting period. c. whenever an error is discovered. d. after closing entries.

Last Answer : c. whenever an error is discovered.

Which of the following is an optional step in the accounting cycle? a. Adjusting entries b. Closing entries c. Correcting entries d. Reversing entries

Description : WWhich of the following is an optional step in the accounting cycle? a. Adjusting entries b. Closing entries c. Correcting entries d. Reversing entries

Last Answer : d. Reversing entries

If errors occur in the recording process, they a. should be corrected as adjustments at the end of the period. b. should be corrected as soon as they are discovered. c. should be corrected when preparing closing entries. d. cannot be corrected until the next accounting period.

Description : If errors occur in the recording process, they a. should be corrected as adjustments at the end of the period. b. should be corrected as soon as they are discovered. c. should be corrected when preparing closing entries. d. cannot be corrected until the next accounting period.

Last Answer : b. should be corrected as soon as they are discovered.

The two optional steps in the accounting cycle are preparing a. a post-closing trial balance and reversing entries. b. a worksheet and post-closing trial balances. c. reversing entries and a worksheet. d. an adjusted trial balance and a post-closing trial balance.

Description : The two optional steps in the accounting cycle are preparing a. a post-closing trial balance and reversing entries. b. a worksheet and post-closing trial balances. c. reversing entries and a worksheet. d. an adjusted trial balance and a post-closing trial balance.

Last Answer : c. reversing entries and a worksheet.

Which of the following steps in the accounting cycle may be performed more frequently than annually? a. Prepare a post-closing trial balance b. Journalize closing entries c. Post closing entries d. Prepare a trial balance

Description : Which of the following steps in the accounting cycle may be performed more frequently than annually? a. Prepare a post-closing trial balance b. Journalize closing entries c. Post closing entries d. Prepare a trial balance

Last Answer : d. Prepare a trial balance

The final step in the accounting cycle is to prepare a. closing entries. b. financial statements. c. a post-closing trial balance. d. adjusting entries.

Description : The final step in the accounting cycle is to prepare a. closing entries. b. financial statements. c. a post-closing trial balance. d. adjusting entries.

Last Answer : c. a post-closing trial balance.

he step in the accounting cycle that is performed on a periodic basis (i.e., monthly, quarterly) is a. analyzing transactions. b. journalizing and posting adjusting entries. c. preparing a post-closing trial balance. d. posting to ledger accounts.

Description : he step in the accounting cycle that is performed on a periodic basis (i.e., monthly, quarterly) is a. analyzing transactions. b. journalizing and posting adjusting entries. c. preparing a post-closing trial balance. d. posting to ledger accounts.

Last Answer : b. journalizing and posting adjusting entries.

Which one of the following is usually prepared only at the end of a company's annual accounting period? a. Preparing financial statements b. Journalizing and posting adjusting entries c. Journalizing and posting closing entries d. Preparing an adjusted trial balance

Description : Which one of the following is usually prepared only at the end of a company's annual accounting period? a. Preparing financial statements b. Journalizing and posting adjusting entries c. Journalizing and posting closing entries d. Preparing an adjusted trial balance

Last Answer : c. Journalizing and posting closing entries

The balances that appear on the post-closing trial balance will match the a. income statement account balances after adjustments. b. balance sheet account balances after closing entries. c. income statement account balances after closing entries. d. balance sheet account balances after adjustments.

Description : The balances that appear on the post-closing trial balance will match the a. income statement account balances after adjustments. b. balance sheet account balances after closing entries. ... statement account balances after closing entries. d. balance sheet account balances after adjustments.

Last Answer : b. balance sheet account balances after closing entries.

A post-closing trial balance should be prepared a. before closing entries are posted to the ledger accounts. b. after closing entries are posted to the ledger accounts. c. before adjusting entries are posted to the ledger accounts. d. only if an error in the accounts is detected.

Description : A post-closing trial balance should be prepared a. before closing entries are posted to the ledger accounts. b. after closing entries are posted to the ledger accounts. c. before adjusting entries are posted to the ledger accounts. d. only if an error in the accounts is detected.

Last Answer : b. after closing entries are posted to the ledger accounts.

All of the following statements about the post-closing trial balance are correct except it a. shows that the accounting equation is in balance. b. provides evidence that the journalizing and posting of closing entries have been properly completed. c. contains only permanent accounts. d. proves that all transactions have been recorded.

Description : All of the following statements about the post-closing trial balance are correct except it a. shows that the accounting equation is in balance. b. provides evidence that the journalizing and posting ... . c. contains only permanent accounts. d. proves that all transactions have been recorded.

Last Answer : d. proves that all transactions have been recorded.

In preparing closing entries a. each revenue account will be credited. b. each expense account will be credited. c. the retained earnings account will be debited if there is net income for the period. d. the dividends account will be debited.

Description : In preparing closing entries a. each revenue account will be credited. b. each expense account will be credited. c. the retained earnings account will be debited if there is net income for the period. d. the dividends account will be debited.

Last Answer : b. each expense account will be credited.

Closing entries a. are prepared before the financial statements. b. reduce the number of permanent accounts. c. cause the revenue and expense accounts to have zero balances. d. summarize the activity in every account.

Description : Closing entries a. are prepared before the financial statements. b. reduce the number of permanent accounts. c. cause the revenue and expense accounts to have zero balances. d. summarize the activity in every account.

Last Answer : c. cause the revenue and expense accounts to have zero balances.

Closing entries are journalized and posted a. before the financial statements are prepared. b. after the financial statements are prepared. c. at management's discretion. d. at the end of each interim accounting period.

Description : Closing entries are journalized and posted a. before the financial statements are prepared. b. after the financial statements are prepared. c. at management's discretion. d. at the end of each interim accounting period.

Last Answer : b. after the financial statements are prepared.

Closing entries are made a. in order to terminate the business as an operating entity. b. so that all assets, liabilities, and Stockholders' equity accounts will have zero balances when the next accounting period starts. c. in order to transfer net income (or loss) and dividends to the retained earnings account. d. so that financial statements can be prepared.

Description : Closing entries are made a. in order to terminate the business as an operating entity. b. so that all assets, liabilities, and Stockholders' equity accounts will have zero balances when the ... ) and dividends to the retained earnings account. d. so that financial statements can be prepared.

Last Answer : c. in order to transfer net income (or loss) and dividends to the retained earnings account. unt.

Closing entries are necessary for a. permanent accounts only. b. temporary accounts only. c. both permanent and temporary accounts. d. permanent or real accounts only.

Description : Closing entries are necessary for a. permanent accounts only. b. temporary accounts only. c. both permanent and temporary accounts. d. permanent or real accounts only.

Last Answer : b. temporary accounts only.

After the adjusting entries are journalized and posted to the accounts in the general ledger, the balance of each account should agree with the balance shown on the a. adjusted trial balance. b. post-closing trial balance. c. the general journal. d. adjustments columns of the worksheet.

Description : After the adjusting entries are journalized and posted to the accounts in the general ledger, the balance of each account should agree with the balance shown on the a. adjusted trial balance. b. post-closing trial balance. c. the general journal. d. adjustments columns of the worksheet.

Last Answer : a. adjusted trial balance.

Does learning the multiplication table seem less daunting when you realize there are only fifteen entries to memorize?

Description : Does learning the multiplication table seem less daunting when you realize there are only fifteen entries to memorize?

Last Answer : I don't use the same tricks as you, but I agree each number has its own set of tricks. Times 2 is basically like addition, just doubling. 9's you only have to visualize half the numbers, because the other ... 's one week, then 3's the next week, etc. That's how I remember it from my own childhood.

How do I clear suggested field entries in Chrome for Mac?

Description : How do I clear suggested field entries in Chrome for Mac?

Last Answer : Fixed. Please disregard the question.

Do you think that facebook should limit the number of entries that each member can submit per day?

Description : Do you think that facebook should limit the number of entries that each member can submit per day?

Last Answer : answer:I have a few friends like this, and I don't necessarily think the solution is limiting the number of posts, but simply dialing down' the friends who do post that way. There are some friends ... it seems the most flexible solution is just to not get posts from the users who are annoying you.

Does google calendar have a facility for categorizing entries?

Description : Does google calendar have a facility for categorizing entries?

Last Answer : When you create an event, there is a list of colors that you can use to mark it.

Empty entries in a mysql/php5 site database,... why?

Description : Empty entries in a mysql/php5 site database,... why?

Last Answer : How are you migrating the database? What are you using to export and import?

Using a PHP page to post "blog" entries on my website.

Description : Using a PHP page to post "blog" entries on my website.

Last Answer : answer:It shouldn't be too hard- you'll probably want to apply the CSS to the page that is retrieving and displaying the information, not the page you use to enter it. Whatever code is generating your ... CSS classes, id tags, and DIVs to. It's hard to get specific without actually seeing the code.

How to delete all HTC-ERIS Calendar entries?

Description : How to delete all HTC-ERIS Calendar entries?

Last Answer : answer:You can try a hard reset on your device which will delete all your data on your phone (basically reset it to factory conditions). From the HTC website: A hard reset removes all information ... Factory data reset. Follow the on-screen prompts to complete. This process will take 5-10 minutes.

Do blog entries have to be short?

Description : Do blog entries have to be short?

Last Answer : They don’t have to be anything. It all depends on what your readers want.

Can you delete specific entries from york history on a MacBook without deleting all of the history?

Description : Can you delete specific entries from york history on a MacBook without deleting all of the history?

Last Answer : answer:In Safari, go to the Bookmarks menu, and choose Show all Bookmarks, then on the left-hand column click on the History button; you should be able to then click on specific sites and delete ... the triangle next to the folder you wish to search (today, yesterday, etc.). Hope that helps!

Which language has the most words (according to dictionary entries)? -General Knowledge

Description : Which language has the most words (according to dictionary entries)? -General Knowledge

Last Answer : English, 200,000 words

Let A be a `2xx2` matrix with real entries. Let I be the `2xx2` identity matrix. Denote by tr (A), the sum of diagonal entries of A. Assume that `A^2=

Description : Let A be a `2xx2` matrix with real entries. Let I be the `2xx2` identity matrix. Denote by tr (A), the sum of diagonal entries of A. Assume that `A^2=

Last Answer : Let A be a `2xx2` matrix with real entries. Let I be the `2xx2` identity matrix. Denote by tr (A) ... D. Statement -1 is false, statement -2 is true.

Match the entries given in Column A with the appropriate ones in Column B. `{:("Column A","Column B"),(A."Intensity of light",(" ")a."Plane mirror"),(

Description : Match the entries given in Column A with the appropriate ones in Column B. `{:("Column A","Column B"),(A."Intensity of light",(" ")a."Plane mirror"),(

Last Answer : Match the entries given in Column A with the appropriate ones in Column B. `{:("Column A","Column B"),( ... (E."Filament bulb",(" ")e."Dispersion"):}`

Match the entries given in Column A with the appropriate ones in Column B. `{:("Column A","Column B"),(A."Air",(" ")a."Bioluminescence"),(B."Pure wate

Description : Match the entries given in Column A with the appropriate ones in Column B. `{:("Column A","Column B"),(A."Air",(" ")a."Bioluminescence"),(B."Pure wate

Last Answer : Match the entries given in Column A with the appropriate ones in Column B. `{:("Column A","Column B" ... "Glow warm",(" ")d."Heterogeneous medium"):}`

Match the entries given in Column A with the appropriate ones in Column B. `{:("Column A","Column B"),(A."A plane mirror",(" ")a."Luminous source"),(B

Description : Match the entries given in Column A with the appropriate ones in Column B. `{:("Column A","Column B"),(A."A plane mirror",(" ")a."Luminous source"),(B

Last Answer : Match the entries given in Column A with the appropriate ones in Column B. `{:("Column A","Column B"), ... of light is maximum",(" ")h."Persicope"):}`

Column-I and Column-II contains four entries each. Entries of Column-I are to be matched with some entries of Column-II One or more than one entries o

Description : Column-I and Column-II contains four entries each. Entries of Column-I are to be matched with some entries of Column-II One or more than one entries o

Last Answer : Column-I and Column-II contains four entries each. Entries of Column-I are to be matched with ... the matching with the same entries of Column-II.

(i) In the cash book of a trader Bank record the entries.

Description : (i) In the cash book of a trader Bank record the entries.

Last Answer : Do you agree or disagree with the following statements: (i) In the cash book of a trader Bank ... to deposit a cheque or cash into a bank account.

1 Pass opening entries: Debtors ₹ 20,000; Creditors ₹ 30,000; Computer ₹ 50,000 and Capital ₹ 40,000. 

Description : 1 Pass opening entries: Debtors ₹ 20,000; Creditors ₹ 30,000; Computer ₹ 50,000 and Capital ₹ 40,000. 

Last Answer : Journalise the following transactions in the Journal Proper of Mr. Mahadev. 1 Pass opening entries: ... Allowed cash discount of ₹ 1,000 to Ajay.

In the following table, every entry on the left column can match with any number of entries on the right side.

Description : In the following table, every entry on the left column can match with any number of entries on the right side.

Last Answer : In the following table, every entry on the left column can match with any number of entries ... objects moving through it. S Non-conservative force

What are adjustment entries?

Description : What are adjustment entries?

Last Answer : What are adjustment entries?

What are transfer entries?

Description : What are transfer entries?

Last Answer : What are transfer entries?

What are opening entries?

Description : What are opening entries?

Last Answer : What are opening entries?

All entries are posted from Journal to ________ 

Description : All entries are posted from Journal to ________ 

Last Answer : All entries are posted from Journal to ________ (a) Ledger (b) Balance Sheet (c) Trial Balance (d) Cash A/c

How is Prepares asset liability and capital account entries by comiling?

Description : How is Prepares asset liability and capital account entries by comiling?

Last Answer : Need answer

How many diary entries did Amy write in the book gone girl?

Description : How many diary entries did Amy write in the book gone girl?

Last Answer : 152

How would you ensure that all relevant registry entries were removed in the event that installation of your application failed?

Description : How would you ensure that all relevant registry entries were removed in the event that installation of your application failed?

Last Answer : You can ensure that registry entries are removed, as well as perform any other “clean-up” tasks, by creating an Installer class and writing the appropriate code in the Rollback event handler. Then create a new Custom Action and set the InstallerClass, and EntryPoint properties to appropriate values.

How the entries in the full joint probability distribution can be calculated? a) Using variables b) Using information c) Both Using variables & information d) None of the mentioned

Description : How the entries in the full joint probability distribution can be calculated? a) Using variables b) Using information c) Both Using variables & information d) None of the mentioned

Last Answer : b) Using information

To supply of saving bank ledger copy Rs _____ will be charged a) 10 per ledger copy b) Rs 5 per every thirty entry c) Rs 2 per every thirty entries or part there of d) Free

Description : To supply of saving bank ledger copy Rs _____ will be charged a) 10 per ledger copy b) Rs 5 per every thirty entry c) Rs 2 per every thirty entries or part there of d) Free

Last Answer : c) Rs 2 per every thirty entries or part there of

Entries in BO slip are made and signed by a) Sub postmaster b) Treasure c) Sub account assistant d) Any one of the above

Description : Entries in BO slip are made and signed by a) Sub postmaster b) Treasure c) Sub account assistant d) Any one of the above

Last Answer : c) Sub account assistant

The instances in which the MO receipt is treated as spoiled are when a) There is an error in any of the entries requiring correction b) When the receipt is disfigured due to spilling of ink etc c) A receipt is inadvertently passed over and left blank and noticed at close of the day d) All the above

Description : The instances in which the MO receipt is treated as spoiled are when a) There is an error in any of the entries requiring correction b) When the receipt is disfigured due to spilling of ink etc c) A receipt is inadvertently passed over and left blank and noticed at close of the day d) All the above

Last Answer : d) All the above

VP article received for delivery without VPMO form a) Article will be returned to the sender immediately b) Article will be returned to RLO c) MO form will be filled in with reference to the entries available on the article and the article will be sent out for delivery d) Article will be kept in deposit till receipt of VPMO form

Description : VP article received for delivery without VPMO form a) Article will be returned to the sender immediately b) Article will be returned to RLO c) MO form will be filled in with reference to the entries ... will be sent out for delivery d) Article will be kept in deposit till receipt of VPMO form

Last Answer : c) MO form will be filled in with reference to the entries available on the article and the article will be sent out for delivery

Mark the correct option a) The Inspector should maintain a register of lines and stages in respect of his sub division in form M-40 b) Entries should be made in the register in alphabetical order, and where a line traverses sub-divisions each Inspector should record it throughout its length c) It is of special importance that the register should be kept corrected up-todate in accordance with correction memos issued by the Superinendent from time to time. d) All the above

Description : Mark the correct option a) The Inspector should maintain a register of lines and stages in respect of his sub division in form M-40 b) Entries should be made in the register in alphabetical ... in accordance with correction memos issued by the Superinendent from time to time. d) All the above

Last Answer : d) All the above