ACIS 2115 at Virginia Tech

12. Closing Process

in Topic 4 (Problem 12 of 18)

After the closing process is complete, which of the following is false?

  1. All accounts with a non-zero balance will be shown on the balance sheet.
  2. The net income or net loss and the dividends for the period have been transferred to the retained earnings account
  3. All temporary accounts have a zero balance
  4. None of the above are false
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The Rest Of The Practice Problems

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1 Adjusting Entry Identification Easy
2 Revenue Recognition Easy
3 Closing Journal Accounts Easy
4 Revenue Recognition Easy
5 Revenue Journal Entry Easy
6 Adjusting Entry - Salaries Payable Moderate
7 Adjusting Entry - Wage Expense Moderate
8 Revenue Recognition Moderate
9 Prepaid Rent Moderate
10 Determining Net Income From Transactions Moderate
11 Determining Net Income From Journal Entries Moderate
12 Closing Process
You are here. 		Moderate
13 Adjusting Journal Entries Hard
14 Adjusting Journal Entries Hard
15 Revenue and Expense Recognition Hard
16 The Effect of Transactions Hard
17 When You Forget to do Adjusting Entries Hard
18 Year End Closing & Account Classification Hard
← Topic 3

Topic 4 Videos

1 Cash vs. Accrual Accounting 7:21
2 Expense Recognition 8:07
3 Accruals and Deferrals 15:07
4 What is an Adjusting Entry? 4:11
5 Adjusting Entry: Supplies 1:54
6 Adjusting Entry: Wages 4:52
7 Adjusting Entry: Unearned Revenue 2:11
8 Adjusting Entry: Interest 2:03
9 Contra-accounts 4:40
10 Depreciation 7:10
11 The Closing Process 10:37
Topic 5 →