Question 1 of 20;The first step of the accounting cycle is to;A. record journal entries.;B. post to the ledger.;C. prepare a trial balance.;D. analyze business transactions.;Question 2 of 20;The 12-month period a business chooses for its accounting period is a/an;A. calendar year.;B. accounting period.;C. fiscal year.;D. accounting cycle.;Question 3 of 20;Which of the following is not a financial statement?;A. Balance sheet;B. Income statement;C. Statement of owner?s equity;D. Trial balance;Question 4 of 20;Business transactions are first recorded in the;A. ledger.;B. journal.;C. trial balance.;D. balance sheet.;Question 5 of 20;Which entry records the owner?s taking cash for personal use?;A. Debit Wage Expense, credit Cash;B. Debit Capital, credit Cash;C. No entry is necessary because the owner owns the cash and the entire business.;D. Debit Withdrawals, credit Cash;Question 6 of 20;The purpose of posting is to;A. list the transactions in chronological order in the journal.;B. provide an explanation of the transaction.;C. update the account balances in the ledger.;D. correct a previous entry.;Question 7 of 20;Which of the following groups of accounts have a normal credit balance?;A. Revenue, liabilities, and capital;B. Assets, capital, and withdrawals;C. Liabilities, expenses, and assets;D. Assets, expenses, and withdrawals;Question 8 of 20;The process that begins with recording business transactions and includes the completion of the financial statements is the;A. calendar year.;B. natural business year.;C. fiscal year.;D. accounting cycle.;Question 9 of 20;An account that would be increased by a debit is;A. cash.;B. fees earned.;C. capital.;D. accounts payable.;Question 10 of 20;A business provided services to a cash customer. To record this transaction;A. an asset is debited, and a liability is credited.;B. an asset is debited, and a revenue is credited.;C. an expense is debited, and Capital is credited.;D. None of the above;Question 11 of 20;Which error would cause the trial balance to be out of balance?;A. An entry is posted twice.;B. An entry isn?t posted at all.;C. A debit is entered as $200, and a credit is entered at $2,000.;D. None of the above;Question 12 of 20;?PR? in the general journal and general ledger stands for;A. per reviewer.;B. posting reference.;C. prior receipt.;D. None of the above;Question 13 of 20;Which of the following is prepared first?;A. Balance sheet;B. Income statement;C. Statement of owner?s equity;D. Trial balance;Question 14 of 20;Which entry would be used to record the payment of office salaries?;A. Debit Cash, credit Accounts Receivable;B. Debit Cash, credit Salaries Expense;C. Debit Salaries Expense, credit Accounts Payable;D. Debit Salaries Expense, credit Cash;Question 15 of 20;A journal entry affecting three or more accounts is called a _______ entry.;A. multilevel;B. multistep;C. compound;D. simple;Question 16 of 20;Given the following list of accounts with normal balances, what are the trial balance totals of the debits and credits?;Cash $1,000;Equipment 500;Accounts Payable 350;Capital 900;Service Fees 1,000;Salaries Expense 750;A. $3,250 debit, $3,250 credit;B. $1,125 debit, $1,125 credit;C. $4,500 debit, $4,500 credit;D. $2,250 debit, $2,250 credit;Question 17 of 20;Revenue is traditionally recognized in the accounting records when;A. cash is received.;B. services are rendered.;C. it?s incurred.;D. None of the above;Question 18 of 20;During the month of January, Katelyn invested $11,000 in starting her legal practice. Which of the following would be the proper journal entry?;A. Cash, debit $11,000, Katelyn?s Capital, credit $11,000;B. Accounts Payable, debit $11,000, Cash, credit $11,000;C. Cash, debit $11,000, Revenue, credit $11,000;D. Katelyn?s Capital, debit $11,000, Cash, credit $11,000;Question 19 of 20;A business incurred an expense and paid it immediately. To record this transaction;A. an expense is debited, and a liability is credited.;B. an expense is debited, and an asset is credited.;C. an expense is debited, and Capital is credited.;D. None of the above;Question 20 of 20;The general journal;A. is the book of original entry.;B. is the book of final entry.;C. contains account balances.;D. is completed after the general ledger.
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