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NAME: SECTION: Yout 6. First statement: A le selected other events, Multiple Choice Second statement: accounts and are peric a. True, True b. True, False statement 2. Post the closing entries, take a closing entries. and then take a trial balance. 7. First statement: The Second statement: TL trual balance a. True, True b. True, False 8. First statement: TL transactions and sele post-closing trial balance, and 1. Which of the following steps in the accounting cycle are listed in a logical Post the journal entries to the general ledger accounts, prepare a wote cTake a trial balance, prepare a worksheet, then prepare financial d. Prepare the income statement, prepare the balance sheet and then 2. The debit and credit analysis of a transaction normally takes place b. supplies a listing of open accounts and their balances that are used in prop 4. Incurring an expense for advertising on account would be recorded by Edebiting liabilities b. crediting assets. c. debiting an expense. d. debiting assets. 5. A trial balance a. proves that debits and credits are equal in the ledger. a. before an entry is recorded in a journal. when the entry is posted to the ledger. c. when the trial balance is prepared. d. at some other point in the accounting cycle. Second statement: journal information position. 3. A sale on account would be recorded by a. True, True b. True, False a. debiting revenue. b. crediting assets. ccrediting liabilities debiting assets. 9. First statement: The prior to preparation Second statement: balances in the orde a. True, True b. True, False 10. First statement: Or an equal amount ar Second statement: events, expressed in financial statements is normally prepared three times in the accounting cycle. d. all of these a. True, True b. True, False 6. First statement: A ledger is where the entity initially records transactions and selected other events, er? Second statement: Nominal (temporary) accounts are income and expense accounts and are periodically closed. sher a. True, True b. True, False c. False, True d. False, False nts. epare: 7. First statement: The withdrawals account is considered a real account. Second statement: The "book of original entry" is also known as the journal. a. True, True b. True, False C. False, True d. False, False 8. First statement: The first step in the accounting cycle is the journalizing of transactions and selected other events. Second statement: Basic steps in the recording process include transferring the journal information to the appropriate account in the statement of financial position a. True, True b. True, False c. False, True d. False, False 9. First statement: The trial balance uncovers any errors in journalizing and posting prior to preparation of the statement of financial position Second statement: The trial balance is a listing of all the accounts and their balances in the order the accounts appear on the statement of financial position. a. True, True C. False, True b. True, False d. False, False 10. First statement: One purpose of a trial balance is to prove that debits and credits of an equal amount are in the general ledger. Second statement: A generai juurel chronologically lists transactions and other events, expressed in terms of debits and credits to accounts. preparin a. True, True b. True, False C. False, True d. False, False NAME SECTION: Multiple Choice C 2 record the debit record the date c record the credit write an explanation The first step in recording a transaction in a journal is to 2 Which of the following accounts is classified differently from the others viste 3. Which of the following accounting steps is accomplished after the others list 4. Which of the following is a business event that is not considered a rects 10. The term footing refers to the 7. A journal entry that contains more the a posted journal entry. by a compound journal entry. an adjusting journal entry. d. an erroneous journal entry. 8. When accounting information is accounts is a. limited to those accounts that b. changed each year by an entity c. a listing of each account that w d. used to determine whether a accounts at the end of the accu 9. Which of the following events wou a. Payment of fees to a tax consu b. Purchase of print advertising c. Sales of a new product during d. Tabulation of the results of a -2 Notes Payable Uneamed Revenues Mortgage Payable Art Revenues a Post the entry Prepare the trial balance Apply the rules of double entry. d. Record the entry transaction? a. process of obtaining the top b. process of obtaining the bott C. process of posting d. addition of a column of figur 2. An entity receives a product previously ordered. b. An entity pays an employee for work performed. A customer inquires about the availability of a service. A customer purchases a service. 11. What function do general ledger a. Summarizing b. Recording C. Classifying d. Reporting 5. Which of the following is a business event that is also co...ed a recor transaction? a. An entity hires a new employee. A customer purchases merchandise. t. An entity orders a product from a supplier. d. An employee sends a purchase requisition to the purchasing department. 12. A chart of accounts is a' (an) 6 Balance sheet accounts are a. permanent accounts. b. temporary accounts. c. accounts with debit balances only. d. adjusting accounts. a. journal. b. flowchart of all transactions cl list of names of all account d. accounting procedure man 13. The purpose of the ledger is to a. record chronologically the b. keep a record of documen