Workbook Ch.5

For each of the following, select Yes or NO.

1. Interim financial statements are for a period of: One year (yes/no). Less than one year (yes/no).

2. A fiscal year always means the: Business year (yes/no). Calendar year (yes/no).

3 A permanent account is... A balance sheet account (yes/no). Areal account (yes/no).

4. Income statement accounts are: Temporary accounts (yes/no). Nominal accounts (yes/no).

5 Closing entries reduce which account balances to zero? Balance sheet account (yes/no). Income Statement account (yes/no).

6. Closing entries affect... Revenues (yes/no). Expenses (yes/no).

7 Closing entries: Clear this year (yes/no).Prepare for next year (yes/no).

8. Closing entries are usually made at the end of: Interim periods (yes/no). The business year (yes/no).

20. A post-closing trial balance includes: Balance sheet accounts (yes/no). Income statement accounts (yes/no).