Accounting Cycle

The accounting cycle begins by recording _____________ in the form of journal entries.

• Business transactions

• Financial information

• Corporate minutes

• Business contracts

The accounting cycle begins by recording _____________ in the form of journal entries.

• A. business transaction

• B. financial information

• C. corporate minutes

• D. business contracts

After a business transaction has occurred, journal entries are recorded in the

• ledger

• journal

• expense accounts

Once journal entries are recorded, they can be posted to:

• ledger

• income statement

• expenses account

An invoice used as a source document for recording a sale on account.

• source document
• sales invoice
• check
• entry

The purchase journal is

• used only to record credit purchases

• used only to record cash purchases

• used to record all purchases

• all of the above

The overall purpose of accounting is to

• maintain accurate reports.

• compile the business’s expenses.

• keep track of sales.

• control the finances of the business.

Which of the following groups makes regular use of a business’s managerial accounting information:

• Managers

• Customers

• Creditors

• Investors

An individual who has been state certified to provide accounting services ranging from the preparation of financial records to complex audits.

• Accounting

• Certified Accountant

• Cash Flow

• Budget

Book of original entry

• 1st step

• 2nd steps

• 3rd steps

• 4th steps