Closing Entries: Process, Major Steps, Purpose & Objectives


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question 1 of 3

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

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

2. What does REID stand for in closing entries process?

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About This Quiz & Worksheet

These resources focus on testing your knowledge of accounts and closing entries. Topics you will be tested on include accounts with zeroed out balances at the end of an accounting period and accounts made to close entries.

Quiz & Worksheet Goals

Use these assessment tools to assess your knowledge of:

  • REID
  • The temporary account that is closed last
  • Accounts that are always part of the account chart

Skills Practiced

This worksheet and quiz will let you practice the following skills:

  • Information recall-access the knowledge you've gained regarding accounts that are always part of an account chart
  • Interpreting information - verify that you can read information regarding accounts whose balances are always zeroed out and interpret it correctly
  • Reading comprehension - ensure that you draw the most important information from the related financial lesson on REID

Additional Learning

You can read the lesson titled Closing Entries: Process, Major Steps, Purpose & Objectives to gain even more knowledge about this concept in accounting. These are some objectives this lesson will help with:

  • Identify expense accounts
  • Know what kind of information an income summary contains
  • Review an example where REID is applied to close entries