Revenue accounts should begin each accounting period with zero balances.
举一反三
- Which of the following statements about temporary account is not correct: A: All temporary accounts are closed at the end of each accounting period. B: In the post-closing trial balance, the temporary accounts are reset to zero ending balances. C: Revenue and owner’s capital account are examples of temporary accounts. D: Income summary is a temporary account used for the closing process.
- The local market ______ for 55% of the company’s revenue this year. A: is accounting B: accounts C: accounted D: account
- Double-entry accounting is an accounting system: () A: That records each transaction twice. B: That records the effects of transactions and other events in at least two accounts with equal debits and credits. C: In which each transaction affects and is recorded in two or more accounts but that could include two debits and no credits. D: That may only be used if T-accounts are used.
- Typical current liability accounts include accounts payable,unearned revenue, bonds payable.
- The double-entry system requires that each transaction must be recorded ( ) A: in at least two different accounts B: in two sets of books C: in a journal and a ledger D: first as a revenue and then as an expense