Acounting 1st 9-Weeks Part 2 Question Preview (ID: 7150)


Accounting 1st 9-Weeks Review Part 2.

The amount entered on the left side of the T account
a) Debit
b) Credit
c) Increase
d) Decrease

Separate pages or cards in a book that contain the accounts used by a business
a) Accounting Cycle
b) General Journal
c) Ledger
d) Chart of Accounts

Accounts whose balances are carried from one accounting period to the next
a) Permanent
b) Debit
c) Credit
d) Temporary

The revenue, expense, and withdrawals accounts are examples of
a) permanent accounts
b) asset accounts
c) liability accounts
d) temporary capital accounts

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) Business Entity
c) Revenue Recognition
d) Matching Principle

An accounting period that begins on January 1 and ends on December 31
a) Fiscal Year
b) Accounting Year
c) Calendar Year
d) Leap Year

How many steps are in the accounting cycle?
a) five
b) six
c) eight
d) nine

The full range of accounting activities a business must complete to keep its accounting records in an orderly fashion
a) Accounting Equation
b) Accounting Cycle
c) Business Transactions
d) Accounting Period

The process of recording business transactions in a journal
a) Posting
b) Journalizing
c) Preparing the Trial Balance
d) Ruling

A paper that serves as evidence that a transaction occurred
a) Source Document
b) General Journal
c) Ledger
d) Accounting Cycle

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