Accounting Cycle

Accounting Cycle

Assessment

Quiz

Education

10th Grade

Hard

Created by

Rosie Pechon

Used 20+ times

FREE Resource

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15 questions

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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 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

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

Which of the following accounts is a temporary account?

cash

revenue

accounts payable

equipment

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which account should be closed first?

Revenue

withdrawals

capital

expenses

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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.

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