MBA 700 EXAM 2 EXAM WITH CORRECT
ACTUAL QUESTIONS AND CORRECTLY
WELL DEFINED ANSWERS LATEST
ALREADY GRADED A+
Revenues/gains; expenses/loss; & dividends
Which accounts are considered a temporary or nominal
account?
Permanent Account
Everything that appears on the balance sheet is a permanent
account or temporary account?
Ordinary transaction entry
A journal entry includes a debit or credit to the CASH
account, it is most likely to appear as what?
Closing Entry
A journal entry that includes a debit or credit to retain
earnings?
Dividends
Account that will appear in the closing entries?
Retained Earnings
, An account that is NEVER closed.
Fees Earned Revenue
This account would be credited when closing the account for
fees earned for the year
Rent Expense
Which account would be credited when closing the account
for rent expense for the year?
Post-Closing Trial Balance
Where you would find the correct Retained Earnings balance
for the year
Post-closing trial balance
All accounts and their balances after posting entries are
completed
One revenue/expense and one balance sheet account
Adjusting Entries always include what?
Cash Accounts
Adjusting Entries never include what?
Interim Period
ACTUAL QUESTIONS AND CORRECTLY
WELL DEFINED ANSWERS LATEST
ALREADY GRADED A+
Revenues/gains; expenses/loss; & dividends
Which accounts are considered a temporary or nominal
account?
Permanent Account
Everything that appears on the balance sheet is a permanent
account or temporary account?
Ordinary transaction entry
A journal entry includes a debit or credit to the CASH
account, it is most likely to appear as what?
Closing Entry
A journal entry that includes a debit or credit to retain
earnings?
Dividends
Account that will appear in the closing entries?
Retained Earnings
, An account that is NEVER closed.
Fees Earned Revenue
This account would be credited when closing the account for
fees earned for the year
Rent Expense
Which account would be credited when closing the account
for rent expense for the year?
Post-Closing Trial Balance
Where you would find the correct Retained Earnings balance
for the year
Post-closing trial balance
All accounts and their balances after posting entries are
completed
One revenue/expense and one balance sheet account
Adjusting Entries always include what?
Cash Accounts
Adjusting Entries never include what?
Interim Period
