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1. If expenses are greater than revenue the Income summary account will be closed by a debit to

2. Boulder Co uses the accural basis of accounting. Boulder Co receives cash from customers in October for services to be performed in December. Which one of the following is true?

3. Which of the following accounts should be closed to Income Summary at the end of the fiscal year?

4. Munoz cp prepays in October 6 for insurance that covers only the month of November. Munoz co records the expense in October. Which method of accounting is Munoz using?

5. The fourth step in the closing process is to close the _________ accounts into the ______ accounts.

6 cash account is

7. the balance in the owner’s capital account is closed to the owners drawing account ? T or F

9. the balance of accumulated deprecation will normally appear on the income statement T or F

10 the balance of the drawing account is closed to the capital account T or F

11. After closing the expense accounts. the total of the expense accounts will appear on the debit side of the Income Summary account?

12. Fourth step in the closing procedure? T or F

13. Financial statements prepared during the fiscal year for periods of less than twelve months are called interim statements T or F

14. If a liability was extended into the income statement credit column on the work sheet, net income would be understated. T or F

15. If a business has a net loss for a fiscal period, the journal entry to close the Income Summary account is a debit to Income Summary and a credit to Capital T or F


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