Select all that apply "Which statements below are true regarding permanent and temporary accounts? (Check all that apply.) Retained Earnings is a permanent account, but Dividends is a temporary account. Temporary accounts will appear on a post-closing trial balance. Permanent accounts are reported on the balance sheet. Temporary accounts are reported on the income statement. Permanent accounts will appear on a post-closing trial balance. Temporary accounts have a balance for one period only.

Select all that apply "Which statements below are true regarding permanent and temporary accounts? (Check all that apply.) Retained Earnings is a permanent account, but Dividends is a temporary account. Temporary accounts will appear on a post-closing trial balance. Permanent accounts are reported on the balance sheet. Temporary accounts are reported on the income statement. Permanent accounts will appear on a post-closing trial balance. Temporary accounts have a balance for one period only.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Which of the follwing in correct? a. Balance sheet accounts are considered temporary accounts and these accounts have balances that are carried forward from year to year. b. Balance sheet accounts are considered permanent accounts and these accounts have balances that are carried forward from year to year. c. Balance sheet accounts are considered permanent accounts and these accounts have balances that are closed each year. d. Profit and Loss accounts are considered permanent accounts and these accounts have balances that are closed each year.
The full "accounting cycle" culminates in closing the books and producing financial statements. Discuss the differences between Permanent "real" accounts and Temporary ¨nominal¨ accounts: What type of information is contained in nominal accounts, and what type of information is contained in real accounts? Which financial statement contains the information from nominal accounts and which contains the information from real accounts? Provide an example of real accounts and an example of nominal accounts.
Closing entries transfer the balances of the permanent accounts to the temporary accounts. Select one: True False
Consider the following transactions associated with accounts receivable and the allowance for uncollectible accounts.Required:For each transaction, indicate whether it would increase (I), decrease (D), or have no effect (NE) on the account totals. (Hint: Make sure the accounting equation, Assets = Liabilities + Stockholders’ Equity, remains in balance after each transaction.)
True or false? Permanent accounts start each accounting period with a zero balance.
Allowance for Uncollectible Accounts is a contra asset account, which means that its normal balance is a credit. However, it is possible for the account to have a debit balance before year-end adjustments are recorded. Explain how this could happen. How does an accountant calculate the year-end adjustment for Allowance for Uncollectible Accounts with a debit balance before year-end adjustments recorded? Please explain both answers in good detail answer
Which of the following entries properly closes a temporary account? Select one: a. Income Summary XX Cash b. C. Debit Credit Expense Accumulated Depreciation XX Income Summary Income Summary d. e. XX Retained Earnings XX Dividends Debit Credit Debit Credit XX Debit Credit Income Summary XX Revenue XX XX Debit Credit XX XX
Choose from the following list to best complete the statements below. a. Temporary b. Permanent c. One or more d. One e. Zero balances f. Income Summary 1) _accounts generally consist of all balance sheet accounts, and these accounts are not closed. 2) Permanent accounts report on activities related to future accounting period(s), and they carry their ending balances into the next period. 3) Temporary accounts accumulate data related to accounting period(s). 4) accounts include all income statement accounts, the withdrawals account, and the Income Summary account. Choose from the following list to best complete the statements below. a. Temporary b. Permanent c. One or more d. One e. Zero balances f. Income Summary 1. accounts generally consist of all balance sheet accounts, and these accounts are not closed. 2. Permanent accounts report on activities related to future accounting period(s), and they carry their ending balances into the next period. 3. Temporary accounts accumulate data…
Please tell us about permanent and temporary accounts. Please let us know which financial statement contains the permanent accounts and which one contains the temporary accounts. Please provide an example of the two closing entries.
9. Aside from accruals, which of the following can be reversed? A. Deferrals initially recorded in the income statement (income or expense) B. All deferrals C. Accounts that have been closed D. All temporary accounts
Choose from the following list of terms/phrases to best complete the statements below. a. Temporary c. One or more e. Zero balances b. Permanent d. One f. Income Summary 1. accounts generally consist of all balance sheet accounts, and these accounts are not closed. 2. Permanent accounts report on activities related to future accounting periods, and they carry their ending balances into the next period. 3. Temporary accounts accumulate data related to accounting period. 4. accounts include all income statement accounts, the withdrawals account, and the Income Summary account.
For each of the following accounts, identify if is found on the post closing trial balance (yes or no): Accounts Payable [ Select] Accounts Receivable [ Select] [ Select ] No Cash [ Select] Yes