The accounting cycle is a series of recurring accounting steps or processes within one accounting period.
Accounting Five major accounts

Quiz
•
Other
•
11th Grade
•
Hard
Mila Mallare
Used 16+ times
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10 questions
Show all answers
1.
MULTIPLE SELECT QUESTION
30 sec • 1 pt
True
False
2.
FILL IN THE BLANK QUESTION
30 sec • 1 pt
The main components or elements of the income statement are _____, expenses, gains, and losses.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
lists all amounts owed from previous invoices
chart of accounts
bank statement
vendor statement
general journal
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
report which lists all amounts which are owed by a business; further ensures which accounts payable entries are properly recorded
bank statement
general ledger
schedule of accounts payable
general journal
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Assets
Liabilities
Owner's Equity
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Liabilities are
Equal to the sum of assets plus owner’s equity
Created when stockholder contributed cash to company by stock exchanges
Obligation of the entity to outsiders
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
These are the resources owned by a business that is results from past events and has future economic benefits called?
Equity
Income
Drawings
Assets
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