71. What will be the total of the Statement of Financial Position credit column?
a.€12,224
b.€8,160
c.€11,988
d.€8,396
72. Which of the following accounts is least likely to have its balance change on the worksheet?
a.Salaries and Wages Payable.
b.Supplies.
c.Accumulated Depreciation.
d.Share Capital-Ordinary.
73. Which of the following permanent account is changed during the closing process?
a.Share Capital-Ordinary.
b.Retained Earnings.
c.Unearned Service Revenue.
d.None of these answer choices are correct.
74. The temporary account balances ultimately wind up in what account?
a.Income Summary.
b.Retained Earnings.
c.Share Capital-Ordinary.
d.Comprehensive Income.
75. The permanent accounts appear on which financial statement?
a.Statement of Financial Position.
b.Income Statement.
c.Retained Earnings Statement.
d.Statement of Cash Flows.
76. 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.
77. Each of the following accounts is closed to Income Summary
except
a.Expenses.
b.Dividends.
c.Revenues.
d.All of these answer choices are correct.
78. Closing entries are made
a.in order to terminate the business as an operating entity.
b.so that all assets, liabilities, and equity accounts will have zero balances when the next accounting period starts.
c.in order to transfer net income (or loss) and dividends to Retained Earnings.
d.so that financial statements can be prepared.
79. Closing entries are
a.an optional step in the accounting cycle.
b.posted to the ledger accounts from the worksheet.
c.made to close permanent or real accounts.
d.journalized in the general journal.
80. The Income Summary account
a.is a permanent account.
b.appears on the statement of financial position.
c.appears on the income statement.
d.is a temporary account.