acct2013 at Mississippi State

9. Closing Process

in Chapter 3 (Problem 9 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

Click Here to View All Chapter 3 Problems at Once View
1 Adjusting Entry Identification Easy
2 Land Purchased With Cash Easy
3 Revenue Recognition Easy
4 Revenue Recognition Easy
5 Revenue Journal Entry Easy
6 Closing Journal Accounts Easy
7 Determining Net Income From Journal Entries Moderate
8 Determining Net Income From Transactions Moderate
9 Closing Process
You are here. 		Moderate
10 Prepaid Rent Moderate
11 Revenue Recognition Moderate
12 What Should Be Journaled 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
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Chapter 3 Videos

1 The Journal, Ledger, Trial Balance 14:00
2 Cash vs. Accrual Accounting 7:21
3 Expense Recognition 8:07
4 Accruals and Deferrals 15:07
5 What is an Adjusting Entry? 4:11
6 Adjusting Entry: Supplies 1:54
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
Chapter 4 →