Exit Ticket - The Accounting Cycle

Exit Ticket - The Accounting Cycle

9th - 12th Grade

5 Qs

quiz-placeholder

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Exit Ticket - The Accounting Cycle

Exit Ticket - The Accounting Cycle

Assessment

Quiz

Business

9th - 12th Grade

Medium

Created by

Sherzard McEwen-Ashford

Used 3+ times

FREE Resource

5 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT a step in the accounting cycle?

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