1: a post-closing trial balance the profit of the business will be one of the temporary accounts....
Question:
1: a post-closing trial balance the profit of the business will be one of the temporary accounts. ? true or false ?
Question 2: Closing the drawings to Capital NOT necessary if profit is greater than owner's drawings during the period. true or False ?
Question : Total debits on post-closing trial balance normally
a. equal the debts on the adjusted trial balance .
b. are greater than the total credits
c. Include expense accounts
d. are greater than the total assets reported on the balance sheet.
Question : A post-closing trial balance contain only
a. asset accounts.
b. balance sheet accounts.
c. owner's capital accounts .
d. Income statement accounts.
Question : Which of the following accounts are not closed
a. drawings accounts
b. revenue accounts
c. expense accounts
d. asset accounts
College Accounting A Contemporary Approach
ISBN: 978-0077639730
3rd edition
Authors: David Haddock, John Price, Michael Farina