The capital account's new balance after all closing entries are posted is verified by checking it with the amount of capital shown on the balance sheet at the end of the fiscal period.
Correct Answer:
Verified
Q1: Temporary accounts include assets, expenses, and the
Q2: Temporary accounts are also called nominal accounts.
Q3: Journal entries used to prepare temporary accounts
Q4: The balances of the liability accounts must
Q5: Permanent accounts are used to accumulate information
Q7: The ending account balances of permanent accounts
Q8: The Income Summary account has a normal
Q9: To close a temporary account, an amount
Q10: The series of accounting activities included in
Q11: The drawing account is a permanent account.
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