
Ch3 Review
Quiz
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Other
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University
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Practice Problem
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Kevin Prata
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20 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the first step in the Accounting Cycle?
Post
Journalize
Analyze Business Transactions
Trial Balance
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the second step in the Accounting Cycle?
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the third step in the Accounting Cycle?
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the fourth step in the Accounting Cycle?
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which statement about an account is true?
An account consists of a title, a debit side, and a ledger side.
An account is an individual accounting record of increases and decreases in specific asset, liability, and stockholders’ equity items.
There are separate accounts for specific assets and liabilities but only one account for stockholders’ equity items.
The left side of an account is the credit, or decrease, side.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Debits:
increase both assets and liabilities.
decrease both assets and liabilities.
increase assets and decrease liabilities.
decrease assets and increase liabilities.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A revenue account:
is increased by debits.
is decreased by credits.
has a normal balance of a debit.
is increased by credits.
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