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

What is the first part of the accounting process?

Back

identifying.

Front

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

Back

recording.

Front

What is the usual sequence of steps in the transaction recording process?

Back

analyze → journal → ledger.

Front

What is the first step in the recording process?

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 time is called a(n)

Back

trial balance.

Front

When is a trial balance prepared?

Back

At the end of an accounting period.

Front

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

Back

Capital account