The accounting cycle starts with the:
5. Question 5 The accounting cycle starts with the: 1 / 1 point Analysis of business transactions Preparation of adjusting entries Preparation of a trial balance Preparation of ledger accounts Correct…
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Reorganizing journal entries and grouping them by account is known as:
2. Question 2 Reorganizing journal entries and grouping them by account is known as: 1 / 1 point Balancing the journal File maintenance Posting to the ledger Correct Correct. Reorganizing all…
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A schedule that contains all accounts needed to prepare financial statements is known as:
1. Question 1 A schedule that contains all accounts needed to prepare financial statements is known as: 1 / 1 point The General Ledger An Income Statement A Journal Entry Correct…
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A trial balance that is prepared after taking into account all the adjusting entries is known as:
14. Question 14 A trial balance that is prepared after taking into account all the adjusting entries is known as: 1 / 1 point Adjusted Trial Balance Unadjusted Trial Balance Cash Flow…
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Zach needs to determine what his company’s financial position was on March 31st of last year. Which of the following would be the best report to look at?
11. Question 11 Zach needs to determine what his company’s financial position was on March 31st of last year. Which of the following would be the best report to look…
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A trial balance where total debits equal total credits indicates:
10. Question 10 A trial balance where total debits equal total credits indicates: 1 / 1 point The company made a profit during the accounting period. The ledger is in balance. One…
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The digits of the account numbers assigned to general ledger accounts often have significance. For example, an account number beginning with a “1” might signify that the account is an asset account, a “6” might signify an operating expense, etc
9. Question 9 The digits of the account numbers assigned to general ledger accounts often have significance. For example, an account number beginning with a “1” might signify that the…
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After analysis, the business transaction is recorded in the journal in:
6. Question 6 After analysis, the business transaction is recorded in the journal in: 1 / 1 point Random order Chronological order Correct Correct! After analysis, the business transaction is recorded…
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To find the balance of the account types that increase with a debit (asset and expense accounts), bookkeepers will:
4. Question 4 To find the balance of the account types that increase with a debit (asset and expense accounts), bookkeepers will: 1 / 1 point Subtract total debits from total credits…
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True or False: Your client was paid in cash for a service that they provided. They’ve asked you to leave it off their financial records. Since you are employed by the client, you should do what they ask.
20. Question 20 True or False: Your client was paid in cash for a service that they provided. They’ve asked you to leave it off their financial records. Since you…