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AC41 Completing the Accounting Cycle Quiz

Authored by Ferdinand Llasos

Business

University

Used 16+ times

AC41 Completing the Accounting Cycle Quiz
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33 questions

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1.

REORDER QUESTION

2 mins • 5 pts

Arrange the Steps 1-5 of the Accounting cycle

Preparing Worksheet and Adjusting Journal Entries

Analyzing transactions/source documents

Preparing an Unadjusted Trial Balance

Journalizing Entries

Posting to the Ledger

2.

REORDER QUESTION

2 mins • 5 pts

Arrange the Steps 6-10 of the Accounting Cycle

Preparing a Post-closing Trial Balance

Adjusting Journal Entries are Journalized

Preparation of Financial Statements

Preparing Closing Journal Entries

Preparing Reversing Entries

3.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

A worksheet is a mandatory form that must be prepared along with an income statement and statement of financial position.

True
False

4.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

If total credits in the income statement columns of a worksheet exceed total debits, the enterprise has net income.

True
False

5.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

No permanent account balances are changed in the closing process.

True
False

6.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

The balance of the depreciation expense account will appear in the income statement debit column of a worksheet.

True
False

7.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

After closing entries have been journalized and posted, all temporary accounts in the ledger should have zero balances.

True
False

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