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    what do the ending balances of permanent accounts for one fiscal period represent at the beginning of the next fiscal period?

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    Accounting 1: Chapter 8

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    Accounting 1: Chapter 8 - Review

    by Julie Keane

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    Q.The balances of the asset accounts must be reduced to zero to prepare the accounts for the next period.

    1 45 sec

    Q.Temporary accounts are also called nominal accounts.

    2 45 sec

    Q.At the end of a fiscal period, the balances of permanent accounts are summarized and transferred to the owner’s capital account.

    3 45 sec

    Q.Journal entries used to prepare temporary accounts for a new fiscal period are adjusting entries.

    4 45 sec

    Q.The drawing account is a temporary account.

    5 45 sec

    Q.Temporary accounts must start each fiscal period with a zero balance.

    6 45 sec

    Q.The Income Summary account has a normal credit balance.

    7 45 sec

    Q.The ending account balances of temporary accounts for one fiscal period are the beginning account balances for the next fiscal period.

    8 45 sec

    Q.The capital account’s new balance after all closing entries are posted is verified by checking it with the amount of capital shown on the balance sheet at the end of the fiscal period.

    9 30 sec

    Q.Temporary accounts include liabilities, expenses, and the owner’s drawing account.

    10 45 sec

    Q.To close a temporary account, an amount equal to its balance is recorded in the account on the side opposite to its balance.

    11 45 sec

    Q.A post-closing trial balance verifies the equality of debits and credits in a general ledger after the closing entries are posted.

    12 45 sec

    Q.The series of accounting activities included in recording financial information for a fiscal period is called an accounting cycle.

    13 45 sec

    Q.Permanent accounts are used to accumulate information until it is transferred to the owner’s capital account.

    14 30 sec

    Q.The drawing account is a permanent account.

    15 30 sec

    Q.The series of accounting activities included in recording financial information for a fiscal period is called an accounting cycle.

    16 45 sec

    Q.To close a temporary account, an amount equal to its balance is recorded in the account on the side opposite to its balance.

    17 45 sec

    Q.A post-closing trial balance verifies the equality of debits and credits in a general ledger after the closing entries are posted.

    18 45 sec

    Q.The Income Summary account has a normal debit balance.

    19 30 sec

    Q.The ending account balances of permanent accounts for one fiscal period are the beginning account balances for the next fiscal period.

    20 30 sec

    Q.The capital account’s new balance after all closing entries are posted is verified by checking it with the amount of capital shown on the balance sheet at the end of the fiscal period.

    21 30 sec

    Q.The balances of the liability accounts must be reduced to zero to prepare the accounts for the next period.

    22 30 sec

    Q.Journal entries used to prepare temporary accounts for a new fiscal period are closing entries.

    23 30 sec

    Q.Accounts used to accumulate information from one fiscal period to the next.

    24 45 sec

    Q.Accounts used to accumulate information until it is transferred to the owner's capital account.

    25 45 sec Back to top

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    chapter 8 Flashcards

    Study set for chapter eight of our accounting book Learn with flashcards, games, and more — for free.

    chapter 8

    5.0 1 Review Permanent accounts

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    Accounts used to accumulate information from one fiscal period to the next

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    Temporary accounts

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    Accounts used to accumulate information until it is transferred to the owner's capital account

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    1/12 Created by INeedANameJaiden

    Study set for chapter eight of our accounting book

    Terms in this set (12)

    Permanent accounts

    Accounts used to accumulate information from one fiscal period to the next

    Temporary accounts

    Accounts used to accumulate information until it is transferred to the owner's capital account

    Closing entries

    Journal entries used to prepare temporary accounts for a new fiscal period

    post-closing trial balance

    A trial balance prepared after the closing entries are posted

    accounting cycle

    The series of accounting activities included in recording financial information for a fiscal period

    What do the ending balances or permanent accounts for one fiscal period represent at the beginning of the next fiscal period?

    The pervious permanent accounts are the starting balances fro the fiscal period.

    What do the balances of temporary accounts show?

    The balances of temporary accounts are to show changes in the owner's capital for a single fiscal period.

    List the four closing entries

    1) An entry to close income statement accounts with credit balances

    2) An entry to close income statement accounts with debit balances

    3) An entry to record net income or net loss and close INCOME SUMMARY

    4) An entry to close the owner's drawing account

    Why are lines drawn in both the balance debit and balance credit columns when an account has a zero balance?

    So you can easily notice that the account has a zero balance

    Which accounts go on the post closing trial balance?

    Only general ledger accounts with balances are included on a post-closing trial balance.

    Why are temporary accounts omitted form a post closing trial balance?

    Temporary accounts are omitted from the post closing trial balance because they have a balance of zero

    What are the steps in the accounting cycle?

    The Steps in the accounting cycle are analyze transactions, journalize, post, prepare work sheet, journalize and posy adjusting entries, prepare financial statements, journalized and post closing entries, prepare post closing trial balance.

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    Below are amounts (in millions) from three companies' annual reports.

    \begin{matrix} \text{ } & \text{Beginning Accounts Receivable} & \text{Ending Accounts Receivable} & \text{Net Sales}\\ \hline \text{WalCo} & \text{$\$ 1,815$} & \text{$\$ 2,762$} & \text{$\$ 322,427$}\\ \text{TarMart} & \text{$\$ 6,166$} & \text{$\$ 6,694$} & \text{$\$ 67,878$}\\ \text{CostGet} & \text{$\$ 629$} & \text{$\$ 665$} & \text{$\$ 68,963$}\\ \end{matrix}

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    accounting chapter 8 review Flashcards

    Study accounting chapter 8 review flashcards. Create flashcards for FREE and quiz yourself with an interactive flipper.

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    accounting chapter 8 review

    9cards Finance

    Financial Accounting

    why are adjusting entries journalized?

    to update general ledger accounts at the end of a fiscal period

    where is the information obtained to journalize adjusting entries?

    adjustment column of the worksheet

    what accounts are increased from zero balances after adjusting entries for supplies and prepaid insurance are journalized and posted?

    supplies expense and insurance expense

    what do the ending balances of permanent accounts for one fiscal period represent at the beginning of the next fiscal period

    beginning balance

    what do the balances of temporary accounts show

    changes in the owner's capital for a single fiscal period

    list the four closing entries

    -an entry to close the income statement credit column

    -an entry to close the income statement debit column

    -an entry to record net income or not loss and close the income summary account

    -an entry to close the owner’s drawing account

    why are lines drawn in both the balance debit and balance credit columns when an account has a zero balance

    to assure a reader that a balance has not been omitted

    which accounts go on the post-closing trial balance?

    only those with balances (permanent accounts)

    why are temporary accounts omitted from a post-closing trial balance?

    because they are closed and have zero balance

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