1. How many steps are there in the accounting cycle? Choose One. 25 points O13 O 3 05 O 16 2. What is the purpose of closing entries Choose One 25 points O To update Capital O To terminate the business O To reverse the assets and liabilities O To calculate the book value of each account 3. What is the proper sequence of the Accounting cycle Choose One 25 points A. Journal, Post, Ledger B. Journalize day to day entries, post to ledger, trial balance, worksheet, journalize adjusting entries, post to ledger, adjusted trial balance, financial statements, journalize closing entries, post to ledger, post-closing trial balance. C. Closing entries, adjusting entries, day to day entries, and worksheet is optional, ledger, prepare post-close trial balance. OA OB OC O The order is irrelevant 4. What are the mnemonic devices from this class Choose One. 25 points O Hip bone connected to the leg bone O ALCDRER O Debit ADE, LCR, RED O A+L=OE