35) After all closing entries are made and posted, the balance in the owners' capital account in the ledger will be equal to *

A he beginning balance in owners' capital in the statement of changes in equity

B Zero

C The balance of owners' capital on the post-closing trial balance

D The balance of owners' capital on the pre-closing trial balance

E Profit or loss for the year

34) Which of the following statements is incorrect?

A Permanent accounts remain open as long as the asset, liability, or equity items recorded in the accounts continue in existence.

B The Income Summary account is a temporary account.

C Permanent accounts are another name for temporary accounts.

D Temporary accounts carry a zero balance at the beginning of each accounting period.

E Permanent accounts include assets.

33)The Income Summary account is

A Not a permanent account

B The account from which the amount of profit or loss is transferred to the owners' capital accounts in a partnership

C A temporary account

D All of these

32) Accounts that are used to describe revenues, expenses, and owner's withdrawals, and are closed at the end of the reporting period, are

A Permanent accounts

B Financial accounts

C Temporary accounts

D Closing accounts

E Summary accounts

31) Which of the following errors would cause the balance sheet columns of a work sheet to be out of balance?

A Entering a revenue amount in the Balance Sheet Debit column.

B Entering an asset amount in the Income Statement Debit column.

C Entering an expense amount in the Balance Sheet Debit column.

D Entering a liability amount in the Balance Sheet Credit column.

E Entering a liability amount in the Income Statement Credit column.