Accounting Quiz

Quiz
•
Other
•
University
•
Hard
Jeizel Teneclan
Used 10+ times
FREE Resource
30 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
What is the first step in the accounting cycle?
Analyzing business transactions
Preparing the trial balance
Journalizing
Posting
2.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
Which of the following is considered a current asset?
Cash equivalents
Land
Building
Accumulated depreciation
3.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
What does the trial balance prove?
The accuracy of financial statements
The cash flow of the business
The equality of debits and credits
The profitability of the business
4.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
Which document serves as evidence for analyzing business transactions?
Source documents
Trial balance
General ledger
Financial statements
5.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
What is the purpose of journalizing?
To analyze business transactions
To prepare financial statements
To record transactions in chronological order
To summarize transactions in the ledger
6.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
Which of the following is considered a current asset?
Building
Cash
Land
Equipment
7.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
What is the purpose of the income summary account?
To summarize assets and liabilities
To track owner withdrawals
To close income and expenses at the end of the period
To record cash transactions
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