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Acounting 1st 9-Weeks Part 2
Test Description: Accounting 1st 9-Weeks Review Part 2
Instructions: Answer all questions to get your test result.
1) The amount entered on the left side of the T account
A
Credit
B
Increase
C
Decrease
D
Debit
2) Separate pages or cards in a book that contain the accounts used by a business
A
General Journal
B
Accounting Cycle
C
Ledger
D
Chart of Accounts
3) Accounts whose balances are carried from one accounting period to the next
A
Debit
B
Permanent
C
Temporary
D
Credit
4) The revenue, expense, and withdrawals accounts are examples of
A
permanent accounts
B
temporary capital accounts
C
liability accounts
D
asset accounts
5) Principle that states revenue is recorded on the date it is earned even if cash has not been received on that date.
A
Revenue Recognition
B
Matching Principle
C
Business Entity
D
Going Concern
6) An accounting period that begins on January 1 and ends on December 31
A
Calendar Year
B
Fiscal Year
C
Leap Year
D
Accounting Year
7) How many steps are in the accounting cycle?
A
eight
B
nine
C
six
D
five
8) The full range of accounting activities a business must complete to keep its accounting records in an orderly fashion
A
Accounting Period
B
Business Transactions
C
Accounting Equation
D
Accounting Cycle
9) The process of recording business transactions in a journal
A
Posting
B
Journalizing
C
Preparing the Trial Balance
D
Ruling
10) A paper that serves as evidence that a transaction occurred
A
Accounting Cycle
B
Source Document
C
General Journal
D
Ledger
*select an answer for all questions
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