Ch 7-9: Steps in the Accounting Cycle

Front

Which of the following is not part of the accounting process? Recording, Identifying, Financial decision making, Communicating

Back

Financial decision making

Front

Keeping a systematic, chronological diary of events that are measured in monetary and units is called

Back

recording.

Front

The usual sequence of steps in the transaction recording process is

Back

analyze --> journal --> ledger.

Front

The first step in the recording process is to

Back

analyze each transaction for its effect on the accounts.

Front

After transaction information has been recorded in the journal, it is transferred to the

Back

ledger.

Front

The recording process occurs

Back

repeatedly during the accounting period.

Front

A list of accounts and their balances at a given point in time is called a(n)

Back

trial balance.

Front

A trial balance is prepared

Back

at any point to view current account balances.

Front

A debit is not the normal balance for which of the following? Asset account, Drawings account, Expense account, Capital account

Back

Capital account

Front

The ending account balances of permanent accounts for one fiscal period are the beginning account balances for the next fiscal period.

Back

True