Cengage Accounting Chapter 8
Questions 2025/2026 With 100%
Correct Answers
\Q\.1. The accounts that appear on the post-closing trial balance are
(A) assets, liabilities, and owner's capital.
(B) revenue, expenses, and owner's drawing.
(C) all accounts in the chart of accounts.
(D) all temporary accounts. - ANSWER-✔A
\Q\.2. The last step in the accounting cycle is to
(A) record transactions in a journal.
(B) prepare a work sheet.
(C) journalize and post closing entries.
(D) prepare a post-closing trial balance. - ANSWER-✔D
\Q\.3. Income Summary is a(n)
(A) asset account.
(B) liability account.
(C) temporary account.
(D) permanent account. - ANSWER-✔C
Questions 2025/2026 With 100%
Correct Answers
\Q\.1. The accounts that appear on the post-closing trial balance are
(A) assets, liabilities, and owner's capital.
(B) revenue, expenses, and owner's drawing.
(C) all accounts in the chart of accounts.
(D) all temporary accounts. - ANSWER-✔A
\Q\.2. The last step in the accounting cycle is to
(A) record transactions in a journal.
(B) prepare a work sheet.
(C) journalize and post closing entries.
(D) prepare a post-closing trial balance. - ANSWER-✔D
\Q\.3. Income Summary is a(n)
(A) asset account.
(B) liability account.
(C) temporary account.
(D) permanent account. - ANSWER-✔C
