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1. Income summary account is also known as:

A. the dosing account
B. the clearing account
C. the nominal account
D. the temporary account

2. Which of the given account groups are all considered nominal accounts?

A. Cash, Fees Earned, Unearned Revenues
B. Prepaid Expenses, Unearned Revenues, Fees Earned
C. Capital Account, Drawing Account, Income Summary
D. Drawing Account, Fees Earned, Rent Expense

3. All of the closing entries will adjust to update that account.

A. the drawing account
B. the capital account
C. the cash account
D. the income summary account

4. The entry to close suitable Insurance account at the end of accounting period is.:

A. debIt Income Summary; credit Prepaid Insurance
B. debit Prepaid Insurance; credit Income Summary
C. debit Insurance Expense; credit Income Summary
D. debit Income Summary; credit Insurance Expense

5. Red Rock Stone bought one-year liability insurance policy on January 1st of this year for $3,600 and recorded it as prepaid expense. From selections of a. through d., choose value which would be used in the closing entry for insurance expense and prepaid insurance in closing process at the end of first fiscal period on January 31st.

A. $3,600
B. $36
C.$300
D. $360

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M922099

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