FABM 1 -Diagnostic quiz

The process of recording entries in a journal.

• Accounting

• Journalizing

• Posting

• Finance

The Four Phases of Accounting

• recording,

  classifying,

  summarizing,

  interpreting

• recording,

  summarizing,

  interpreting,

  reporting

• writing,

  recording,

  interpreting,

  reporting

• interpreting,

  analyzing,

  summarizing,

  recording

The simplified ledger used in posting journal entries

• General Ledger

• General Journal

• T-Accounts

• Book

What is R in ALCRE?

• Resources

• Real Estate

• Rent

• Revenue

What Type of Major Account is this account title?

NOTES PAYABLE

• Asset

• Liability

• Revenue

• Expense

What Type of Major Account is this account title?

Prepaid Expenses

• Asset

• Liability

• Revenue

• Expense

What Type of Major Account is this account title?

MACHINERY

• Asset

• Liability

• Revenue

• Expense

What Type of Major Account is this account title?

SALES

• Asset

• Liability

• Revenue

• Expense

The BASIC ACCOUNTING EQUATION

• A + L = C

• L - A = C

• A = L + C

• A = L - C

The correct order of the accounting cycle

• Posting - Adjusting Entries - Journalizing -Unadjusted Trial Balance

• Posting -

  Journalizing - Unadjusted Trial Balance

• Journalizing- Adjusting Entries -

  Posting - Unadjusted Trial balance

• Journalizing - Posting - Unadjusted -Trial Balance - Adjusting Entries -