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Accounting: Cycle 1 Review

Authored by Ann Kramer

Business

9th - 12th Grade

Used 8+ times

Accounting: Cycle 1 Review
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40 questions

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1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The usual sequence of steps in the transaction recording process is

journal --> analyze --> ledger.

analyze --> journal --> ledger.

journal --> ledger --> analyze.

ledger --> journal --> analyze.

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The journalizing process occurs

once a year.

once a month.

repeatedly during the accounting period.

infrequently in a manual accounting system.

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A debit is not the normal balance for which of the following?

Asset account

Drawings account

Expense account

Capital account

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A financial statement showing the revenue and expenses for a fiscal period.

Income Statement
Balance Sheet
Work Sheet
Trial Balance

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A proof of the equality of debits and credit in general ledger.

trial balance
adjustments
balance sheet
work sheet

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

On a work sheet, the balance of the owner's capital account is extended to the

Balance Sheet Debit column
Balance Sheet Credit column
Income Statement Debit column
Income Statement Credit column

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Temporary accounts must start each fiscal period with a zero balance.

True
False

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