WorksheetsAccounting Cycle (Pre-test)
Total questions: 10
Worksheet time: 5mins
What is the first step in the accounting cycle?
Posting to the ledger
Identifying and analyzing transactions
Preparing financial statements
Making adjusting entries
Which document is used to record transactions for the first time?
General Ledger
Worksheet
General Journal
Trial Balance
What do you call the process of transferring journal entries to the ledger?
Posting
Adjusting
Recording
Closing
What is the purpose of the trial balance?
To check if total debits equal total credits
To close temporary accounts
To prepare adjusting entries
To summarize revenues only
Which step comes before preparing financial statements?
Closing entries
Adjusted trial balance
Adjusting entries
Posting to the ledger
What do you call journal entries made to update accounts at the end of the period?
Reversing entries
Adjusting entries
Posting entries
Opening entries
Which accounts are closed at the end of the accounting period?
Asset and liability accounts
Revenue, expense, and drawing accounts
Capital accounts only
All accounts
What is the final step of the accounting cycle?
Adjusting entries
Reversing entries
Closing entries
Preparing post-closing trial balance
Which financial statement is prepared first?
Balance Sheet
Income Statement
Statement of Owner’s Equity
Cash Flow Statement
What is the purpose of closing entries?
To correct errors in the ledger
To prepare accounts for the next period
To record cash flows
To update assets and liabilities
