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ACCOUNTING PROCESS 1. The three basic activities in the accounting process include all of the following, except A. Identifying B. Measuring C. Communicating D. Recording 2. This accounting process is the recognition or nonrecognition of business activities as accountable events. A. Identifying B. Measuring C. Communicating D. Reporting 3. The communicating process of accounting includes all of the following, except A. Recording B. Measuring C. Communicating D. Reporting 4. The first step in the accounting cycle is to A. Record transactions in a journal C. Post journal entries to the general ledger accounts B. Analyze transactions from source documents D. Adjust the general ledger accounts 5. What is the last step in the accounting cycle considering the following? A. Prepare a postclosing trial balance C. Prepare financial statements B. Journalize and post closing entries D. Journalize and post adjusting entries 6. What is the logical order of the following steps in the accounting cycle? A. Post the journal entries to the ledger accounts, prepare a worksheet, and then take a trial balance B. Journalize the closing entries, post the closing entries, and then take a postclosing trial balance C Prepare the earnings statement, prepare the statement of financial position and then prepare a worksheet D Post the closing entries, take a postclosing trial balance, then journalize the closing entries 7. Which of the following is an adjunct account that should not be closed at the end of the reporting period? A. Allowance for doubtful accounts Discount on bonds payable B. Freight in D. Share premium 8. A general journal A. Chronologically lists transactions and other events expressed in terms in terms of debit and credit B. Contains one record for each of the asset, liability, equity, revenue and expense C. Lists all the increases and decreases in each account in one place D. Contains only adjusting entries 9. Numerous errors may exist even though the trial balance columns agree. Which of the following is not one of these errors? A. A transaction is not journalized B. Transposition error C. A journal entry is posted twice D. A transaction is recorded and posted at an incorrect amount 10. Why are adjusting entries necessary? A Transactions take place over more than one accounting period B. To make debits equal credits C. To close nominal accounts at yearend