F'24 Closing entries and reports
Authored by Chris Graham
Other
12th Grade
Used 2+ times
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20 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Creating financial reports and processing closing entries is usually done at which stage of the accounting cycle?
At the end of the accounting cycle
At the begining of the accounting cycle
In the middle of the accounting cycle
At all stages throughout of the accounting cycle
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
1) Prepare financial reports
2) Journalise transactions
3) Adjusting entries
4) Closing entries
5) Post to ledgers
What is the correct order of the accounting cycle?
2-5-3-1-4
4-5-3-1-2
2-1-5-4-3
5-3-1-2-4
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a trial balance?
A list of all accounts, their balance and totals of all debits and credits
A list of only revenue, expense and profit accounts
A list of only asset, liability and equity accounts
A list of all accounts with an allocated account number
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is an adjusted trial balance?
A list of all accounts, their balance and totals of all debits and credits AFTER adjusting entries are done
A list of all accounts, their balance and totals that have been ADJUSTED so that debits equal credits
A list that has been ADJUSTED to show only asset, liability and equity accounts
A list of all accounts that has been ADJUSTED to show accounts after closing entries have been done.
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which report includes assets, liabilities & owner's equity?
Balance Sheet
Statement of Cash Flows
Income Statement
Statement of Changes in Owner's Equity
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which report shows revenues, expenses & net profit?
Balance Sheet
Statement of Cash Flows
Income Statement
Statement of Changes in Owner's Equity
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What is this report called?
Balance Sheet
Statement of Cash Flows
Income Statement
Statement of Changes in Owner's Equity
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