TOPIC 3 ACCOUNTING CYCLE

TOPIC 3 ACCOUNTING CYCLE

7th Grade

10 Qs

quiz-placeholder

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TOPIC 3 ACCOUNTING CYCLE

TOPIC 3 ACCOUNTING CYCLE

Assessment

Quiz

Other

7th Grade

Medium

Created by

cikgu joyce

Used 897+ times

FREE Resource

10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The left side of an account is

blank.

a description of the account.

the debit side.

the balance of the account.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An account is a part of the financial information system and is described by all except which one of the following?

An account has a debit and credit side.

An account is a source document.

An account may be part of a manual or a computerized accounting system.

An account has a title.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Phast Mail Service purchased equipment for $2,000. Phast paid $500 in cash and signed a note for the balance. Phast debited the Equipment account, credited Cash and

nothing further must be done.

debited the Capital account for $1,500.

credited another asset account for $500.

credited a liability account for $1,500.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

On January 14, Maxine Industries purchased supplies of $900 on account. The entry to record the purchase will include

a debit to Supplies and a credit to Accounts Payable.

a debit to Supplies Expense and a credit to Accounts Receivable.

a debit to Supplies and a credit to Cash

a debit to Accounts Receivable and a credit to Supplies.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The final step in the recording process is to

analyze each transaction.

enter the transaction in a journal.

prepare a trial balance

transfer journal information to ledger accounts

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The usual sequence of steps in the transaction recording process is:

journal - analyze - ledger.

analyze- journal - ledger.

journal -ledger -analyze.

ledger - journal - analyze.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Evidence that would not help with determining the effects of a transaction on the accounts would be a(n)

cash register sales tape.

bill.

advertising brochure.

check.

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