Accounting Cycle

 The accounting period of a business is separated into activitiess that help the business keep its accounting records in an orderly fashion.

• Accounting Period
• Source Document
• Fiscal Year
• None of the Above

When a business transaction occurs, a paper is prepared as evidence of that transaction.

• accounting period
• source document
• calendar year
• fiscal year

Lists specific information about a business transaction involving the buying and selling of an item.

• Accounting Cycle
• Memorandum
• Invoice
• None of the Above

A record of cash received by a business.  It indicates date of payment, name of person, or business from whom the payment is recieved, and the amount of payment.

• None of the Above
• Invoice
• Check Stub
• Receipt

A brief written message that describes a transaction that takes place within a business.  (a source document)

• Memorandum
• Invoice
• Check Stub
• None of the Above

Analyze information on the source documents to determine the debit and credit parts of each transaction.

• 1st Step of the  Accounting Cycle
• 2nd Step of the Accounting Cycle
• 3rd Step of the Accounting Cycle
• 4th Step of the Accounting Cycle

Record the debit and credit parts of each business transaction. 

• Journal
• Calendar Year
• Fiscal Year
• None of the Above

Creates a record of the impact of business transactions on each account used by a business.

• Post to the Ledger
• Collect and Verify Source Documents
• Analyze each Transaction
• None of the Above

A formal way to prove that debits equal credits 

• Memorandum
• Trial Balance
• Cash Receipts
• None of the Above

A working paper used to collect information from the ledger accounts in one place.   Helps prepare the financial statements and to complete the other end-of-period activities.

• Work sheet
• Trial Balance
• Receipt
• None of the Above