Accounting Cycle

Quiz
•
Education
•
10th Grade
•
Hard
Rosie Pechon
Used 20+ times
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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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