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Download 20 MCQ The first step of the accounting cycle is to

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Jul 13th, 2014
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  1.  
  2. Download: http://solutionzip.com/downloads/20-mcq-the-first-step-of-the-accounting-cycle-is-to/
  3. Question 1 of 20 5.0 Points
  4. The first step of the accounting cycle is to
  5. A. record journal entries.
  6. B. post to the ledger.
  7. C. prepare a trial balance.
  8. D. analyze business transactions.
  9. Question 2 of 20 5.0 Points
  10. The 12-month period a business chooses for its accounting period is a/an
  11. A. calendar year.
  12. B. accounting period.
  13. C. fiscal year.
  14. D. accounting cycle.
  15. Question 3 of 20 5.0 Points
  16. Which of the following is not a financial statement?
  17. A. Balance sheet
  18. B. Income statement
  19. C. Statement of owner’s equity
  20. D. Trial balance
  21. Question 4 of 20 5.0 Points
  22. Business transactions are first recorded in the
  23. A. ledger.
  24. B. journal.
  25. C. trial balance.
  26. D. balance sheet.
  27. Question 5 of 20 5.0 Points
  28. Which entry records the owner’s taking cash for personal use?
  29. A. Debit Wage Expense; credit Cash
  30. B. Debit Capital; credit Cash
  31. C. No entry is necessary because the owner owns the cash and the entire business.
  32. D. Debit Withdrawals; credit Cash
  33. Question 6 of 20 5.0 Points
  34. The purpose of posting is to
  35. A. list the transactions in chronological order in the journal.
  36. B. provide an explanation of the transaction.
  37. C. update the account balances in the ledger.
  38. D. correct a previous entry.
  39. Question 7 of 20 5.0 Points
  40. Which of the following groups of accounts have a normal credit balance?
  41. A. Revenue, liabilities, and capital
  42. B. Assets, capital, and withdrawals
  43. C. Liabilities, expenses, and assets
  44. D. Assets, expenses, and withdrawals
  45. Question 8 of 20 5.0 Points
  46. The process that begins with recording business transactions and includes the completion of the financial statements is the
  47. A. calendar year.
  48. B. natural business year.
  49. C. fiscal year.
  50. D. accounting cycle.
  51. Question 9 of 20 5.0 Points
  52. An account that would be increased by a debit is
  53. A. cash.
  54. B. fees earned.
  55. C. capital.
  56. D. accounts payable.
  57. Question 10 of 20 5.0 Points
  58. A business provided services to a cash customer. To record this transaction,
  59. A. an asset is debited, and a liability is credited.
  60. B. an asset is debited, and a revenue is credited.
  61. C. an expense is debited, and Capital is credited.
  62. D. None of the above
  63. Question 11 of 20 5.0 Points
  64. Which error would cause the trial balance to be out of balance?
  65. A. An entry is posted twice.
  66. B. An entry isn’t posted at all.
  67. C. A debit is entered as $200, and a credit is entered at $2,000.
  68. D. None of the above
  69. Question 12 of 20 5.0 Points
  70. “PR” in the general journal and general ledger stands for
  71. A. per reviewer.
  72. B. posting reference.
  73. C. prior receipt.
  74. D. None of the above
  75. Question 13 of 20 5.0 Points
  76. Which of the following is prepared first?
  77. A. Balance sheet
  78. B. Income statement
  79. C. Statement of owner’s equity
  80. D. Trial balance
  81. Question 14 of 20 5.0 Points
  82. Which entry would be used to record the payment of office salaries?
  83. A. Debit Cash; credit Accounts Receivable
  84. B. Debit Cash; credit Salaries Expense
  85. C. Debit Salaries Expense; credit Accounts Payable
  86. D. Debit Salaries Expense; credit Cash
  87. Question 15 of 20 5.0 Points
  88. A journal entry affecting three or more accounts is called a _______ entry.
  89. A. multilevel
  90. B. multistep
  91. C. compound
  92. D. simple
  93. Question 16 of 20 5.0 Points
  94. Given the following list of accounts with normal balances, what are the trial balance totals of the debits and credits?
  95. Cash $1,000
  96. Equipment 500
  97. Accounts Payable 350
  98. Capital 900
  99. Service Fees 1,000
  100. Salaries Expense 750
  101. A. $3,250 debit, $3,250 credit
  102. B. $1,125 debit, $1,125 credit
  103. C. $4,500 debit, $4,500 credit
  104. D. $2,250 debit, $2,250 credit
  105. Question 17 of 20 5.0 Points
  106. Revenue is traditionally recognized in the accounting records when
  107. A. cash is received.
  108. B. services are rendered.
  109. C. it’s incurred.
  110. D. None of the above
  111. Question 18 of 20
  112. 5.0 Points
  113. During the month of January, Katelyn invested $11,000 in starting her legal practice. Which of the following would be the proper journal entry?
  114. A. Cash, debit $11,000; Katelyn’s Capital, credit $11,000
  115. B. Accounts Payable, debit $11,000; Cash, credit $11,000
  116. C. Cash, debit $11,000; Revenue, credit $11,000
  117. D. Katelyn’s Capital, debit $11,000; Cash, credit $11,000
  118. Question 19 of 20 5.0 Points
  119. A business incurred an expense and paid it immediately. To record this transaction,
  120. A. an expense is debited, and a liability is credited.
  121. B. an expense is debited, and an asset is credited.
  122. C. an expense is debited, and Capital is credited.
  123. D. None of the above
  124. Question 20 of 20 5.0 Points
  125. The general journal
  126. A. is the book of original entry.
  127. B. is the book of final entry.
  128. C. contains account balances.
  129. D. is completed after the general ledger.
  130.  
  131. Download: http://solutionzip.com/downloads/20-mcq-the-first-step-of-the-accounting-cycle-is-to/
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