Self Assessment Quizzes

CHAPTER 10: Section 2 Posting Closing Entries and Preparing a Post-Closing Trial Balance

	1.	In a post-closing trial balance

		a.	total debits equal total credits
		b.	there are only debit balances
		c.	there are only credit balances
		d.	there are only expense accounts listed

	2.	The last step in the accounting cycle is

		a.	the trial balance
		b.	the financial statements
		c.	post-closing trial balance
		d.	closing entries

	3.	After the closing process

		a.	all accounts have zero balances
		b.	temporary accounts have zero balances
		c.	all accounts have the prior period ending balance
		d.	permanent accounts have zero balances