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Accounting Cycle: Steps, Closing Entries and Financial Statement Preparation

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Finance - Personal Finance

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jake12testoswi Created by 10 mon ago

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Cards in this deck(12)
What are the nine steps of the accounting cycle?
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What is the purpose of closing entries in accounting?
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Which of the following are considered temporary accounts in accounting?
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Into which account is the sales account closed?
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Into which account are expenses closed?
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Into which account is the income summary closed?
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Into which account is the drawing account closed?
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Which of the following are considered permanent accounts?
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From where does the information come to close sales and expenses?
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What is the purpose of adjusting entries in accounting?
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What is the purpose of a post-closing trial balance?
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Where does the information come from for the post-closing trial balance?
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