This practice exam can be taken as many times as needed to feel confident and prepared for the Closing Entries Exam.
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When making an entry for Accrued Revenue, what accounts are affected?CorrectIncorrect
What needs to be included in a month end closing report package? (Select all that apply.)CorrectIncorrect
You cannot perform bank reconciliations mid-period even though it would speed up the closing process.CorrectIncorrect
Which closing processes should include revenue deferral?CorrectIncorrect
Which of the following are inventory valuation processes? (Select all that apply.)CorrectIncorrect
What does the cost pool divided by total activity measure?CorrectIncorrect
What does calculating the lowest level of cash flows from an asset test?CorrectIncorrect
When accounts payable suspense items are smaller than a designated amount, what policy allows you to ignore them?CorrectIncorrect
Payroll taxes have to be accrued as a company expense.CorrectIncorrect
What does NOT need to be included in month-end record keeping?CorrectIncorrect