Accounting Cycle

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

• Business transactions

• Financial information

• Corporate minutes

• Business contracts

The post-closing trial balance differs from the adjusted trial balance in that it does not

• A. take into account adjusting entries

• B. include balance sheet accounts

• C. take into account closing entries

• D. Include income statement accounts

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

Which of the following accounts is a temporary account?

• cash

• revenue

• accounts payable

• equipment

Which account should be closed first?

• Revenue

• withdrawals

• capital

• expenses

Worksheets are prepared because

• they are required by generally accepted accounting principles

• they constitute a permanent record of all adjusting entries

• they are necessary for the preparation of the financial statements

• they aid in the preparation of the financial statements, adjusting entries and closing entries.

The fourth step is to close which of the following accounts?

• capital

• expenses

• revenue

• Drawing

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

What is the step in accounting cycle when you have Book of original entry

• 1st step

• 2nd steps

• 3rd steps

• 4th steps