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