Accounting Quiz

What is the purpose of preparing a multi-column journal?

• To prove and rule journals

• To record adjusting and closing entries

• To organize and classify transactions

• To record cash receipts and cash payments

What type of transactions are typically recorded in a journal?

• Accounts receivable and accounts payable

• Purchases and sales

• Cash receipts and cash payments

• All of the above

What is journalizing?

• Analyzing financial data

• Recording transactions in a ledger

• Preparing financial statements

• Recording transactions in a journal

What is the purpose of adjusting and closing entries?

• To prepare financial statements

• To record cash receipts and cash payments

• To prove and rule journals

• To update account balances to reflect current financial position

What is the final step in the journalizing process?

• Posting transactions to a ledger

• Recording transactions in a journal

• Proving and ruling journals

What is typically recorded in a journal?

• Only general ledger transactions

• Only cash transactions

• Only sales and purchases

• Accounts receivables and accounts payables

Which of the following is a step in the journalizing process?

• Analyzing financial statements

• Preparing a trial balance

• Posting transactions to a ledger

• Recording transactions in a journal

What is the purpose of journalizing adjusting entries?

• To correct errors in the accounting system

• To match revenues and expenses with the correct period

• To record daily transactions

• To prepare financial statements

What is the final step in the journalizing process after recording and posting transactions?

• Proving and ruling journals

• Analyzing financial statements

• Preparing a trial balance

• Journalizing adjusting entries

What type of transactions are typically recorded in a cash receipts journal?

• Only general ledger transactions

• Only cash transactions

• Only sales and purchases

• Accounts receivables and accounts payables