1.________ is the process of recording, summarizing, and presenting the financial information of a company in the form of financial statements. a. Auditing b. Journaling c. Recording d. Accounting 2.Recording common business activities does not include a. counting inventory. b. purchasing and selling merchandise. c. processing payroll. d. paying bills. 3.Summaries of the financial information of a company are called a. journals. b. activities. c. financial statements. d. lists. 4.The most common financial statements are the a. general ledger and the general journal. b. income statement and the balance sheet. c. trial balance and the chart of accounts. d. customer report and the vendor report. 5.With a computerized accounting software package, as business activities are recorded, a. all necessary reports are instantly prepared. b. there is no more need for reports. c. transactions are considered final and cannot be changed. d. the company file is backed up. 6.Behind the scenes, QuickBooks Online uses traditional accounting procedures a. rarely, as they are unnecessary. b. to automatically print reports. c. to record, summarize, and report financial information. d. in such a way as to remain hidden. 7.A monetary business event or activity is called a. the general ledger. b. a transaction. c. a journal. d. accounting. 8.Which statement is false? a. Transactions are entered directly in the general ledger. b. With accounting software, if an error is noticed it can be easily corrected. c. QuickBooks is designed for the non-accountant as well as the accountant. d. Every transaction that involves money must be recorded. 9.Reports in QuickBooks Online a. can be easily corrected and a revised report immediately printed. b. are displayed for the current date only. c. cannot be modified. d. are automatically sent to customers and vendors. 10.Where is the first place you would record a transaction in a manual system? a. the general journal b. the trial balance c. the general ledger d. a List