Question Details

Closing entries may be prepared from 



	1.	Closing entries may be prepared from all but which one of the following sources?
a.	Adjusted balances in the ledger
b.	Income statement and statement of financial position columns of the worksheet
c.	statement of financial position
d.	Income and retained earnings statements



	2.	In order to close the Dividends account, the
a.	income summary account should be debited.
b.	income summary account should be credited.
c.	retained earnings account should be credited.
d.	retained earnings account should be debited.



	3.	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.



4.	The most efficient way to accomplish closing entries is to
a.	credit the income summary account for each revenue account balance.
b.	debit the income summary account for each expense account balance.
c.	credit the dividends account balance directly to the income summary account.
d.	credit the income summary account for total revenues and debit the income summary account for total expenses.


5.	The closing entry process consists of closing
a.	all asset and liability accounts.
b.	out the retained earnings account.
c.	all permanent accounts.
d.	all temporary accounts.




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