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- 1. Multiple Choice
The accounting cycle begins by recording _____________ in the form of journal entries.
Business transactions
Financial information
Corporate minutes
Business contracts
- 2. Multiple Choice
The accounting cycle begins by recording _____________ in the form of journal entries.
A. business transaction
B. financial information
C. corporate minutes
D. business contracts
- 3. Multiple Choice
After a business transaction has occurred, journal entries are recorded in the
ledger
journal
expense accounts
- 4. Multiple Choice
Once journal entries are recorded, they can be posted to:
ledger
income statement
expenses account
- 5. Multiple ChoiceAn invoice used as a source document for recording a sale on account.source documentsales invoicecheckentry
- 6. Multiple Choice
The purchase journal is
used only to record credit purchases
used only to record cash purchases
used to record all purchases
all of the above
- 7. Multiple Choice
The overall purpose of accounting is to
maintain accurate reports.
compile the business’s expenses.
keep track of sales.
control the finances of the business.
- 8. Multiple Choice
Which of the following groups makes regular use of a business’s managerial accounting information:
Managers
Customers
Creditors
Investors
- 9. Multiple Choice
An individual who has been state certified to provide accounting services ranging from the preparation of financial records to complex audits.
Accounting
Certified Accountant
Cash Flow
Budget
- 10. Multiple Choice
Book of original entry
1st step
2nd steps
3rd steps
4th steps
- 11. Multiple Choice
Trial Balance
2nd steps
3rd steps
4th steps
5th steps
- Answer choicesTagsAnswer choicesTags