Accounting Cycle

Quiz
•
Education
•
10th Grade
•
Medium
Tina Blackstock
Used 222+ times
FREE Resource
11 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The accounting cycle begins by recording _____________ in the form of journal entries.
Business transactions
Financial information
Corporate minutes
Business contracts
2.
MULTIPLE SELECT QUESTION
30 sec • 1 pt
The accounting cycle begins by recording _____________ in the form of journal entries.
A. business transaction
B. financial information
C. corporate minutes
D. business contracts
3.
MULTIPLE SELECT QUESTION
30 sec • 1 pt
After a business transaction has occurred, journal entries are recorded in the
ledger
journal
expense accounts
4.
MULTIPLE SELECT QUESTION
30 sec • 1 pt
Once journal entries are recorded, they can be posted to:
ledger
income statement
expenses account
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
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
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
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.
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