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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Question 1 of 10
1. Question
When making an entry for Accrued Revenue, what accounts are affected?
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Question 2 of 10
2. Question
What needs to be included in a month end closing report package? (Select all that apply.)
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Question 3 of 10
3. Question
You cannot perform bank reconciliations mid-period even though it would speed up the closing process.
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Question 4 of 10
4. Question
Which closing processes should include revenue deferral?
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Question 5 of 10
5. Question
Which of the following are inventory valuation processes? (Select all that apply.)
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Question 6 of 10
6. Question
What does the cost pool divided by total activity measure?
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Question 7 of 10
7. Question
What does calculating the lowest level of cash flows from an asset test?
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Question 8 of 10
8. Question
When accounts payable suspense items are smaller than a designated amount, what policy allows you to ignore them?
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Question 9 of 10
9. Question
Payroll taxes have to be accrued as a company expense.
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Question 10 of 10
10. Question
What does NOT need to be included in month-end record keeping?
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