Accounting Cycle Quiz
Passage
•
Other
•
12th Grade
•
Practice Problem
•
Medium
Wayground Content
Used 2+ times
FREE Resource
15 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the purpose of the accounting cycle?
To calculate employee salaries
To provide financial data to decision makers
To analyze financial statements
To prepare tax returns
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which step of the accounting cycle involves collecting and verifying invoices, receipts, and other paperwork?
Analyzing the transactions and source documents
Posting the general journal to the general ledger
Journalizing entries into the general journal
Preparing the trial balance and correcting entries
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the purpose of journalizing entries into the general journal?
To prepare the trial balance and correcting entries
To analyze and review the financial statements
To record each transaction in the general ledger
To determine the accounts affected by each financial transaction
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the purpose of posting the general journal to the general ledger?
To analyze and review the financial statements
To prepare the trial balance and correcting entries
To record each transaction in the general ledger
To determine the accounts affected by each financial transaction
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the purpose of preparing the trial balance and correcting entries?
To analyze and review the financial statements
To balance all of the debits and credits within the general ledger
To determine the accounts affected by each financial transaction
To record each transaction in the general ledger
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the purpose of preparing financial statements?
To determine the accounts affected by each financial transaction
To record each transaction in the general ledger
To analyze and review the financial statements
To provide a summary of the business's financial performance
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which financial statement shows the business's income?
Balance sheet
Statement of equity and retained earnings
Income statement
Cash flow statement
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