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Find an important purpose of closing entries is to

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Reference no: EM132809722

Problem 1: Which financial statement does Income Summary apped?

a. Income statement

b. Statement of changes in equity

C. Balance sheet

d. It does not appear in any financial statement.

Problem 2: When an entity has suffered a loss, the loss amount is entered on the worksheet sheet on the

a. debit side of the Income Statement columns and the credit side of the Balance Sheet columns.

b. credit side of the Income Statement columns and the debit side of the Balance Sheet columns.

C. debit side of both the Income Statement and the Balance Sheet columns.

d. credit side of both the Income Statement and the Balance Sheet columns.

Problem 3: An important purpose of closing entries is to

a. adjust the accounts in the ledger.

b. set nominal account balances to zero at the start of the next period.

C.set real account balances to zero at the start of the next period.

d. help in preparing financial statements.

Reference no: EM132809722

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