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10. Closing Process

in Chapter 3 (Problem 10 of 20)

After the closing process is complete, which of the following is false?

  1. All accounts with a non-zero balance will be shown on the balance sheet.
  2. The net income or net loss and the dividends for the period have been transferred to the retained earnings account
  3. All temporary accounts have a zero balance
  4. None of the above are false
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The Rest Of The Practice Problems

Click Here to View All Chapter 3 Problems at Once View
1 Closing Journal Accounts Easy
2 Adjusting Entry Identification Easy
3 Current Assets Easy
4 Revenue Journal Entry Easy
5 Revenue Recognition Easy
6 Revenue Recognition Easy
7 Determining Net Income From Transactions Moderate
8 Revenue Recognition Moderate
9 Adjusting Entry - Wage Expense Moderate
10 Closing Process
You are here. 		Moderate
11 Determining Net Income From Journal Entries Moderate
12 Adjusting Entry - Salaries Payable Moderate
13 Prepaid Rent Moderate
14 When You Forget to do Adjusting Entries Hard
15 The Effect of Transactions Hard
16 Account Classifications Hard
17 Revenue and Expense Recognition Hard
18 Adjusting Journal Entries Hard
19 Adjusting Journal Entries Hard
20 Year End Closing & Account Classification Hard
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Chapter 3 Videos

1 Current Assets 9:57
2 Non-Current Assets 10:25
3 Current Liabilities 6:24
4 Non-Current Liabilites 2:00
5 The Classified Balance Sheet 4:48
6 Cash vs. Accrual Accounting 7:21
7 Expense Recognition 8:07
8 Accruals and Deferrals 15:07
9 What is an Adjusting Entry? 4:11
10 Adjusting Entry: Supplies 1:54
11 Adjusting Entry: Wages 4:52
12 Adjusting Entry: Unearned Revenue 2:11
13 Adjusting Entry: Interest 2:03
14 Contra-accounts 4:40
15 Depreciation 7:10
16 The Closing Process 10:37
Chapter 4 →