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WorksheetsTOPIC 3 ACCOUNTING CYCLE
Total questions: 10
Worksheet time: 5mins
The left side of an account is
blank.
a description of the account.
the debit side.
the balance of the account.
An account is a part of the financial information system and is described by all except which one of the following?
An account has a debit and credit side.
An account is a source document.
An account may be part of a manual or a computerized accounting system.
An account has a title.
Phast Mail Service purchased equipment for $2,000. Phast paid $500 in cash and signed a note for the balance. Phast debited the Equipment account, credited Cash and
nothing further must be done.
debited the Capital account for $1,500.
credited another asset account for $500.
credited a liability account for $1,500.
On January 14, Maxine Industries purchased supplies of $900 on account. The entry to record the purchase will include
a debit to Supplies and a credit to Accounts Payable.
a debit to Supplies Expense and a credit to Accounts Receivable.
a debit to Supplies and a credit to Cash
a debit to Accounts Receivable and a credit to Supplies.
The final step in the recording process is to
analyze each transaction.
enter the transaction in a journal.
prepare a trial balance
transfer journal information to ledger accounts
The usual sequence of steps in the transaction recording process is:
journal - analyze - ledger.
analyze- journal - ledger.
journal -ledger -analyze.
ledger - journal - analyze.
Evidence that would not help with determining the effects of a transaction on the accounts would be a(n)
cash register sales tape.
bill.
advertising brochure.
check.
The recording process occurs
once a year.
once a month.
repeatedly during the accounting period.
infrequently in a manual accounting system
The procedure of transferring journal entries to the ledger accounts is called
journalizing.
analyzing.
reporting.
posting.
A trial balance is a listing of
transactions in a journal.
the chart of accounts.
general ledger accounts and balances.
the totals from the journal pages.
