Review Quiz for Midterm Exam

After the closing entries are made, a __________ is prepared to ensure that all temporary accounts have been properly closed and that the accounts are in balance.

• post-closing trial balance
• closing entries
• journal entries
• trial balance

The accounting cycle begins with

• identifying and solving
• identifying and analyzing
• identifying and journalizing
• analyzing and measuring

Once transactions are identified and analyzed, they are recorded in a chronological order in a journal

• alphabetical
• chronological
• numerical
• random

After posting to the general ledger, an __________ is prepared.

• unadjusted trial balance
• adjusted trial balance
• journal entries
• adjusting entries

Resets the temporary accounts for the next accounting period.

• journal entries
• adjusting entries
• trial balance
• closing the books

The systematic process of recording, summarizing, analyzing, and interpreting financial transactions to permit informed judgment and decision-making by the users of the information

• journalizing
• accounting
• posting
• analyzing

Graphic representation of a general ledger account

• posting
• journal
• ledger
• T-account

List of accounts for recording and categorizing transactions in a company's general ledger.

• account titles
• ledgers
• chart of accounts
• T-account

The name given to a specific account in the general ledger, which represents a particular asset, liability, equity, revenue, or expense

• account titles
• ledgers
• chart of accounts
• journal

Occur at the end of an accounting period to record any unrecognized transactions for that period

• journal entries
• analyzing
• adjusting entries
• closing the books