Question 1 (1 point)

In the accounting cycle, the last step is preparing the ________.

a	closing entries
b	trial balance
d	adjusting entries

Question 2 (1 point)

Which of the following is true of an accrued expense?

a	It is paid and currently matched with earnings.
b	It is not paid and currently matched with earnings.
c	It is neither paid nor currently matched with earnings.
d	It is paid and not currently matched with earnings.

Question 3 (1 point)

A journal entry to record a payment on an account will include a ________.

a	debit to accounts receivable
b	debit to accounts payable
c	credit to accounts payable
d	credit to accounts receivable

Question 4 (1 point)

The accounting equation can be expressed as: ________.

a	Assets = Liabilities - Stockholders Equity
b	Assets + Liabilities = Stockholders Equity
c	Assets - Liabilities = Stockholders Equity
d	Assets + Stockholders' Equity = Liabilities

Question 5 (1 point)

A journal entry to record a sale of inventory on an account will include a ________.

a	debit to inventory
b	debit to accounts receivable
c	credit to cost of goods sold
d	debit to sales