Copyright

Closing Entries: Process, Major Steps, Purpose & Objectives

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

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

Create Your Account To Take This Quiz

As a member, you'll also get unlimited access to over 79,000 lessons in math, English, science, history, and more. Plus, get practice tests, quizzes, and personalized coaching to help you succeed.

Try it risk-free
Try it risk-free for 30 days. Cancel anytime
Already registered? Log in here for access

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

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

Create your account to access this entire worksheet
A Premium account gives you access to all lesson, practice exams, quizzes & worksheets
Access to all video lessons
Quizzes, practice exams & worksheets
Certificate of Completion
Access to instructors
Create an account to get started Create Account

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
Support