Chapter 6 (Business Finance)

The preparation of __________ involves the process of aggregating accounting information into a standardized set of financials.

• a. Financial Management

• b. Financial Statements

• c. Financial Institutions

• d. Financial Accounting

What is prepared in order to determine the equality of debits and credits as recorded in the general ledger?

• A. Unadjusted Trial Entries

• B. Unadjusted Balance

• C. Unadjusted Entries

• D. Unadjusted Trial Balance

It is a journal entry made at the end of accounting periods that involves shifting data.

• a. Temporary Account

• b. Closing Trial Balance

• c. Permanent Account

• d. Closing Entry

It is a basic financial statement wherein it reports the amounts of cash that the firm generated and distributed during a particular time period.

• A. Statement of Retained Earnings

• B. Statement of Balance Sheet

• C. Statement of Cash Flows

• D. Statement of Income Statement

The transactions are recorded as a debit and credit in monetary terms.

• A. Analyzing and Classify Data about an Economic Event

• B. Journalizing the Transaction

• C. Posting from the Journals to the General Ledger

• D. Preparing the Unjasted Trial Balance

Transactions having an impact on _______ ______ of a business are recorded in the general journal.

• A. Financial position

• B. Financial statement

• C. Income statement

• D. Recording Adjusting Entries

What is prepared in order to determine the equality of debits and credits as recorded in the general ledger?

• A. Unadjusted Trial Entries

• B. Unadjusted Balance

• C. Unadjusted Entries

• D. Unadjusted Trial Balance

Below are the evidence of the economic event you’ve made. Except?

• A. A receipt

• B. Depreciation schedule

• C. COR

• D. Bank statement

It is made to assign the right amount of revenue and expenses to each accounting period.

• A. Journalizing the Transaction

• B. Recording Reversing Entries

• C. Recording Adjusting Entries

• D. Recording Closing Entries

A type of “adjusting” entry in a company's general ledger that delays the recognition of a transaction in the company's accounting records until a future fiscal period or periods.

• A. Accruals

• B: Non-Cash Expenses

• C. Deferrals

• D. None of the above