Accounting cycle
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Question 1 of 27
1. Question
Sort the steps in the accounting cycle in proper sequence.
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Posting to book of final entry
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Recording in book of original entry
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Post closing trial balance
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Adjustments
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Closing entries
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Preparation of unadjusted trial balance
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Preparation of financial statements
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Adjusted trial balance
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Question 2 of 27
2. Question
What step in the accounting cycle summarizes the transactions in the general journal, according to the accounts in the general ledger?
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Question 3 of 27
3. Question
The phase in the accounting cycle that involves actual recording of transactions in the books of accounts.
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Question 4 of 27
4. Question
What step in the accounting cycle summarizes the transactions in the general journal, according to the accounts in the general ledger?
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Question 5 of 27
5. Question
It is also called the book of original entry because it is where all transactions are first recorded.
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Question 6 of 27
6. Question
It is also called the book of final entry. Entries from the general journal are posted here.
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Question 7 of 27
7. Question
The first trial balance prepared during the accounting cycle is the
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Question 8 of 27
8. Question
This step involves making entries to correct errors, bring accounts up-to-date and determine correct balances.
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Question 9 of 27
9. Question
This characteristic of accounting is evident in the accounting cycle where it follows a defined series of steps with clear procedures.
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Question 10 of 27
10. Question
It is the basis for the preparation of financial statements.
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Question 11 of 27
11. Question
It is the basis for the preparation of financial statements.
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Question 12 of 27
12. Question
This merely proves that the sum of debits and credits are equal, in accordance with double entry accounting.
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Question 13 of 27
13. Question
This will show the final balances of real accounts to be carried forward to the next accounting period. Nominal accounts do not appear because these have been closed in the previous step.
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Question 14 of 27
14. Question
Some accountants prepare this to serve as a draft for the posting of adjustments, before final posting to the general ledger.
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Question 15 of 27
15. Question
Match the step with the stage in the preparation cycle
Sort elements
- Journalizing
- Adjusted trial balance
- Post-closing trial balance
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Preparation stage
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Summarization stage
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Closing procedures
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Question 16 of 27
16. Question
Match the step with the stage in the accounting cycle
Sort elements
- Closing entries
- Adjustments
- Posting
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Closing procedures
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Summarization stage
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Preparation stage
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Question 17 of 27
17. Question
Match the step with the stage in the accounting cycle
Sort elements
- Closing entries
- Unadjusted trial balance
- Financial statements preparation
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Closing procedures
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Preparation stage
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Summarization stage
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Question 18 of 27
18. Question
Which of the following steps are performed at the preparatory stage of the accounting cycle?
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Question 19 of 27
19. Question
Which of the following steps are performed at the summarization stage of the accounting cycle?
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Question 20 of 27
20. Question
Which of the following are performed during the closing procedures?
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Question 21 of 27
21. Question
Which procedures below are optional
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Question 22 of 27
22. Question
Worksheet preparation is necessary ina order to prepare financial statements.
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Question 23 of 27
23. Question
The accounting cycle ends after posting to the General Ledger, being the book of final entry.
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Question 24 of 27
24. Question
When the trial balance have equal amounts of debit and credits, it means all accounting transactions have been entered correctly.
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Question 25 of 27
25. Question
The book of original entry is the General Journal.
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Question 26 of 27
26. Question
The book of final entry is the General Ledger.
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Question 27 of 27
27. Question
When the post-closing trial balance is prepared, the accounts that remain are the
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