What is the primary focus of the accounting cycle in this video series?
Complete Accounting Cycle - Financial Accounting - Part 1 of 3

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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Manufacturing processes
Real estate investments
Service industry transactions
Retail inventory management
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
On January 1st, what transaction did Charlie Company complete?
Acquired cash for common stock
Sold inventory
Purchased land
Paid off a loan
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How should the purchase of inventory on January 2nd be recorded?
Debit inventory, credit accounts payable
Debit cash, credit inventory
Debit inventory, credit cash
Debit accounts payable, credit inventory
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the correct journal entry for selling inventory on February 10th?
Debit cash, credit sales revenue
Debit sales revenue, credit cash
Debit cost of goods sold, credit inventory
Debit inventory, credit cost of goods sold
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What happens when a customer returns goods?
Decrease in accounts receivable
Increase in cost of goods sold
Decrease in inventory
Increase in sales revenue
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the impact of a 2% discount on accounts payable?
Decreases sales revenue
Decreases inventory value
Increases accounts payable
Increases cash payment
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How is the sale of land recorded?
As a loss on sale
As sales revenue
As an expense
As a gain on sale
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