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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
Decrease
B
Increase
C
Credit
D
Debit
2) Separate pages or cards in a book that contain the accounts used by a business
A
General Journal
B
Chart of Accounts
C
Accounting Cycle
D
Ledger
3) Accounts whose balances are carried from one accounting period to the next
A
Credit
B
Temporary
C
Permanent
D
Debit
4) The revenue, expense, and withdrawals accounts are examples of
A
permanent accounts
B
asset accounts
C
liability accounts
D
temporary capital 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
Going Concern
B
Revenue Recognition
C
Matching Principle
D
Business Entity
6) An accounting period that begins on January 1 and ends on December 31
A
Accounting Year
B
Fiscal Year
C
Calendar Year
D
Leap Year
7) How many steps are in the accounting cycle?
A
nine
B
five
C
eight
D
six
8) The full range of accounting activities a business must complete to keep its accounting records in an orderly fashion
A
Accounting Equation
B
Business Transactions
C
Accounting Period
D
Accounting Cycle
9) The process of recording business transactions in a journal
A
Journalizing
B
Posting
C
Ruling
D
Preparing the Trial Balance
10) A paper that serves as evidence that a transaction occurred
A
Source Document
B
General Journal
C
Accounting Cycle
D
Ledger
*select an answer for all questions
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