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9 . 3 . 3 The step - by - step process to record business activities and events to keep financial records up to date

9.3.3 The step-by-step process to record business activities and events to keep financial records up to
date is ________.
A. day-to-day cycle
B. accounting cycle
C. general ledger
D. journal
20.3.3 One operating cycle of a business, which could be a month, quarter, or year, is commonly referred
to as which of the following?
A. period
B. round
C. tally
D. mark
21.3.3________ takes all transactions from the journal during a period and moves the information to a
general ledger (ledger).
A. Hitching
B. Posting
C. Vetting
D. Laxing
Chapter 3 Analyzing and Recording Transactions 177
22.3.4 Which of these events will not be recognized?
A. A service is performed, but the payment is not collected on the same day.
B. Supplies are purchased. They are not paid for; the company will be billed.
C. A copy machine is ordered. It will be delivered in two weeks.
D. Electricity has been used but has not been paid for.
23.3.4 A company purchased a building twenty years ago for $150,000. The building currently has an
appraised market value of $235,000. The company reports the building on its balance sheet at $235,000. What
concept or principle has been violated?
A. separate entity concept
B. recognition principle
C. monetary measurement concept
D. cost principle
24.3.4 What is the impact on the accounting equation when a current months utility expense is paid?
A. both sides increase
B. both sides decrease
C. only the Asset side changes
D. neither side changes
25.3.4 What is the impact on the accounting equation when a payment of account payable is made?
A. both sides increase
B. both sides decrease
C. only the Asset side changes
D. neither side changes
26.3.4 What is the impact on the accounting equation when an accounts receivable is collected?
A. both sides increase
B. both sides decrease
C. only the Asset side changes
D. the total of neither side changes
27.3.4 What is the impact on the accounting equation when a sale occurs?
A. both sides increase
B. both sides decrease
C. only the Asset side changes
D. neither side changes
28.3.4 What is the impact on the accounting equation when stock is issued, in exchange for assets?
A. both sides increase
B. both sides decrease
C. only the Asset side changes
D. neither side changes
29.3.5 Which of the following accounts is increased by a debit?
A. Common Stock
B. Accounts Payable
C. Supplies
D. Service Revenue

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