8 EMS - The Accounting Cycle

8 EMS - The Accounting Cycle

8th - 9th Grade

10 Qs

quiz-placeholder

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8 EMS - The Accounting Cycle

8 EMS - The Accounting Cycle

Assessment

Quiz

Business

8th - 9th Grade

Practice Problem

Medium

Created by

Kelly Malan

Used 78+ times

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10 questions

Show all answers

1.

FILL IN THE BLANK QUESTION

30 sec • 1 pt

The first step in The Accounting Cycle (buying and selling) is called...

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The evidence generated by Step 1 in The Accounting Cycle is called...

Source document

Evidence document

Proof document

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The books of first entry in The Accounting Cycle are called...

Cash receipts journal - money received

Cash payments journal - money paid out

Both answers are correct.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The General Ledger is a summary of all the business accounts and happens after the subsidiary journals.

True

False

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The Trial Balance is a summary of the General Ledger

True

False

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Financial Statements are divided into: Income Statement and Balance Sheet

True

False

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Income Statements are used to calculate Profit or Loss in a business.

True

False

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