BUSN212-CH4

how many accounting cycle step do we have ?

• 4

• 3

• 9

• 6

what is the first step in accounting cycle ?

• none

• Close the accounts.....

• Journalize transactions

• Analyze transactions from source documents.......

what is the second step in accounting cycle ?

• none

• Close the accounts.....

• Journalize transactions

• Analyze transactions from source documents.......

Close the accounts and prepare a post-closing trial balance
Which step is this ?

• none

• sixth

• third

• second

Post entries to the ledger and prepare a trial balance
Which step is this ?

• none

• sixth

• third

• second

Make end-of-period adjustments and prepare an adjusted trial balance.
Which step is this ?

• fourth

• sixth

• third

• second

Prepare financial statements
Which step is this ?

• fourth

• sixth

• third

• fifth

select Income statement covering

• owner's equity

• expenses

• assets

• revenues

Select the balance sheet statement covering

• owner's equity

• expenses

• assets

• liabilities

Closing entries serve two purposes
what are they ?

• all of the above

• transfer net income or loss to the Capital account

• Prepare closing entries

• clear all temporary accounts