Which of the following is NOT a step in the accounting cycle?
Exit Ticket - The Accounting Cycle

Quiz
•
Business
•
9th - 12th Grade
•
Medium

Sherzard McEwen-Ashford
Used 3+ times
FREE Resource
5 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Prepare trial balance
Post to ledgers
Calculate taxes
Record in journals
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the first step in the accounting cycle?
Identify transactions
Prepare financial statements
Make adjustments
Record in journals
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When a business sells a product, which of the following accounts is typically credited?
Cash
Inventory
Sales Revenue
Accounts Payable
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which step involves ensuring that total debits equal total credits?
Identify transactions
Prepare financial statements
Prepare trial balance
Make adjustments
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the purpose of making adjustments in the accounting cycle?
To record all cash transactions
To determine the total sales for the period
To identify new transactions
To ensure the financial statements reflect the true financial position of the business
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