Quiz#5

Keeping a systematic, chronological diary of events that are measured in monetary and units is called

• communicating.

• identifying.

• processing.

• recording.

The usual sequence of steps in the transaction recording process is

• journal --> analyze --> ledger.

• analyze --> journal --> ledger.

• journal --> ledger --> analyze.

• ledger --> journal --> analyze.

The first step in the recording process is to

• prepare financial statements.

• analyze each transaction for its effect on the accounts.

• post to a journal.

• prepare a trial balance.

After transaction information has been recorded in the journal, it is transferred to the

• trial balance.

• income statement.

• book of original entry.

• General ledger.

The recording process occurs

• once a year.

• once a month.

• repeatedly during the accounting period.

• infrequently in a manual accounting system.

A list of accounts and their balances at a given time is called a(n)

• journal.

• posting.

• trial balance.

• income statement.

A trial balance is prepared

• at the end of each day.

• after each journal entry is posted.

• at the end of an accounting period.

• only at the inception of the business.

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

• Asset account

• Drawings account

• Expense account

• Capital account

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

• Business transactions

• Non-Financial information

• Corporate minutes

• Business contracts

Transactions that cannot be recorded in a special journal are recorded in a general journal.

• True
• False