Accounting 302: Advanced Accounting  /  Business Courses

Test Prep Plan - Take a practice test

Take this practice test to check your existing knowledge of the course material. We'll review your answers and create a Test Prep Plan for you based on your results.
How Test Prep Plans work
1
Answer 50 questions
Test your existing knowledge.
2
View your test results
Based on your results, we'll create a customized Test Prep Plan just for you!
3
Study smarter
Study more effectively: skip concepts you already know and focus on what you still need to learn.

Adjustments & Closing Entries Chapter Exam

Exam Instructions:

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

Page 1

Question 1 1. _____accounts are accounts that once opened will always be a part of a company's chart of accounts.

Question 2 2. Account adjustments are a result of _____.

Question 3 3. Which temporary account is the last one to be closed, that deals directly with the return that investors receive on their investments?

Question 4 4. _____ accounts are those accounts that are not always a part of a company's chart of accounts.

Question 5 5. What account is created just to be used for the closing entries?

Page 2

Question 6 6. The goal of the post-closing trial balance is to make sure that the sum of all debits equals the sum of all _____.

Question 7 7. The last column of the worksheet used in preparing the adjusted trial balance is for balances _____ adjustments.

Question 8 8. Some company accounts need to be _____ in order to meet the requirements of the accrual basis accounting method.

Question 9 9. The _____ basis of accounting recognized revenue when it is earned and expenses when they are incurred, regardless of when cash is received or paid out.

Question 10 10. XYZ Business recently needed to purchase a new piece of accounting software that was a sizable expense. Though they technically purchased the software in the current quarter accounting period, they won't actually be paying it until the next quarter's accounting period. What is this called?

Page 3

Question 11 11. Money earned in one accounting period but not received until another is called _____.

Question 12 12. The report that lists all the accounts of a company and their balances after all adjustments and closing entries have been made is called the _____.

Question 13 13. Entries made in the general journal at the end of an accounting period to bring account balances up to date are called _____.

Question 14 14. What does REID stand for in closing entries process?

Question 15 15. Money that a business has been paid in advance for a service that will be provided later is called _____.

Page 4

Question 16 16. What type of accounts will always be a part of the chart of accounts?

Question 17 17. When are the balances in temporary accounts zeroed out?

Question 18 18. A report that lists all the accounts a company has and their balances after adjustments have been made is called the _____.

Question 19 19. Which accounts have balances that are zeroed out at the end of each accounting period?

Question 20 20. Before you can complete the adjusted trial balance, you first have to create the _____.

Adjustments & Closing Entries Chapter Exam Instructions

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

Support