Accounting Quiz

Accounting Quiz

10th Grade

93 Qs

quiz-placeholder

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Accounting Quiz

Accounting Quiz

Assessment

Quiz

Business

10th Grade

Practice Problem

Hard

Created by

Lavonda Lampkin

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93 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is journalizing?

Analyzing financial data

Recording transactions in a ledger

Preparing financial statements

Recording transactions in a journal

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the final step in the journalizing process?

Posting transactions to a ledger

Recording transactions in a journal

Proving and ruling journals

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is typically recorded in a journal?

Only general ledger transactions

Only cash transactions

Only sales and purchases

Accounts receivables and accounts payables

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

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