【精选】2015会计从业资格考试会计电算化模拟试题.pptVIP

* All accounts that will be closed are known as temporary accounts. Temporary accounts include revenues, expenses, withdrawals, and the income summary. These accounts should all have a zero balance at the end of the period. Permanent accounts include assets, liabilities and owner’s capital. These accounts are permanent in nature because they are carried forward from one accounting period to the next. * To illustrate the closing process we will assume that the company has only one expense account and only one revenue account. The beginning credit balance in owner’s capital account is thirty thousand dollars, and the withdrawal account has a debit balance of five thousand dollars. The first step in the closing process is to transfer all revenues to the income summary. Let’s do this now. * You can see that the closing entry requires a debit to the revenue account. The revenue account now has a zero balance. The credit portion of the entry is made to income summary. Revenues have been transferred from the revenue account to the income summary. The next step is to close all expense accounts. Let’s get started with that entry. * We close the expense account with a credit to that account and a debit to the income summary. The expense account now has a zero balance and the expenses appear on the debit side of the income summary. The balance in the income summary is fifteen thousand dollars. This amount is the difference between revenue and expense, or net income. We know it is net income because revenues are greater than expenses. Notice that all revenue and expense accounts now have a zero balance so we accomplished part of our goal. The third step is to close the income summary to owner’s capital. Let’s do that now. * In the case of a net income, the third closing entry is a debit to the income summary and a credit to the owner’s capital. (If we had a net loss, this entry would be reversed and we would debit the owner’s capital and credit the income summary.) The