Accounting Cycle

Fill in the Blank Questions

//Accounting Cycle
Accounting Cycle 2017-10-27T19:26:30+00:00




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1. All income statement ——— are closed to the income summary account at year end.

temporary accounts

2. The balance sheet consists of ——— that are not closed at year end.


3. The ——— is used as a holding account for income statement accounts before being closed to retained earnings.

income summary account

4. Many companies use ——— to cancel out adjusting entries made in prior periods.

reversing entries

5. Adjusting journal entries are not used to record ——— expenses or unearned revenues.


6. After the financial statements are prepared, the ——— can be prepared to summarize the year end closing process.

accounting worksheet

7. Once adjusting entries are made, the ——— is created before financial statements are prepared.

adjusted trial balance

8. After closing entries have been made, the ——— trial balance can be prepared.

post closing

9. The ——— is generally the third financial statement prepared in the accounting cycle.

balance sheet

10. The ——— is prepared by calculating changes in both income statement and balance sheet account balances.

cash flow statement

of the accounting cycle with these quizzes.