FABM 1 LESSON 7 REVIEW

What do you refer to the life of the business which is divided into accounting periods of equal length?

• The Accounting Process

• The Accounting System

• The Accounting Cycle

• The Accounting Procedure

The first step of the accounting cycle is to _________ and _______ the events to be recorded

• Record and classify

• Classify and interpret

• Identify and classify

• Identify and analyze

What do you call the first book of accounts?

• General Ledger

• General Journal

• Accounting Ledger

• Posting Journal

In posting the General Journal, the debited accout must be written first, TRUE or FALSE?

• TRUE

• FALSE

What do you call the type of journal entry that has 3 or more accounts?

• Simple Entry

• Complex Entry

• Compound Entry

• Triple Entry