Ac 201 Quiz
AC 201 Principles of Accounting I Name___________________________________________ Park University Version A Quiz 3A-Chapter 4
Multiple Choice Questions ( 10 points each ) Select the ONE, BEST Answer
1.|Revenues, expenses, and withdrawals accounts, which are closed at the end of each accounting period are: A.|Real accounts.|B.|Temporary accounts.|C.|Closing accounts.|D.|Permanent accounts.|E.|Balance sheet accounts.|| 2.|Closing entries are required: A.|if management has decided to cease operating the business.|B.|only if the company adheres to the accrual method of accounting.|C.|if a company's bookkeeper forgets to prepare reversing
Multiple Choice Questions ( 10 points each ) Select the ONE, BEST Answer
1.|Revenues, expenses, and withdrawals accounts, which are closed at the end of each accounting period are: A.|Real accounts.|B.|Temporary accounts.|C.|Closing accounts.|D.|Permanent accounts.|E.|Balance sheet accounts.|| 2.|Closing entries are required: A.|if management has decided to cease operating the business.|B.|only if the company adheres to the accrual method of accounting.|C.|if a company's bookkeeper forgets to prepare reversing