Accounting cycle

Multiple choice questions quiz

Your answer is incorrect. The correct answer is “analysis of business transaction” (option 3).

Your answer is incorrect. The correct answer is “chronological order” (option 1).

Your answer is incorrect. The correct answer is “transfer of entries from journal to ledger” (option 2).

Your answer is incorrect. The correct answer is “Land 12,000 Dr. & Common stock 12,000 Cr.” (option 4).

Your answer is incorrect. The correct answer is “general ledger” (option 2).

Your answer is incorrect. The correct answer is “credit side” (option 2).

Your answer is incorrect. The correct answer is “rent expense account would be debited by $200 and cash account would be credited by $200” (option 4).

Your answer is incorrect. The correct answer is “an increase in a liability account” (option 1).

Your answer is incorrect. The correct answer is “trial balance” (option 3).

Your answer is incorrect. The correct answer is “debit to cash account & credit to accounts receivable account” (option 2).

Your answer is incorrect. The correct answer is “the ledger is in balance” (option 1).

Your answer is incorrect. The correct answer is “income statement” (option 3).

Your answer is incorrect. The correct answer is “balance sheet (also known as statement of financial position)” (option 4).

Your answer is incorrect. The correct answer is “statement of retained earnings” (option 2).

Your answer is incorrect. The correct answer is “Retained earnings at the beginning of the period + Net income – Dividends declared” (option 3).

Your answer is incorrect. The correct answer is “Inventory” (option 4).

Your answer is incorrect. The correct answer is “prepaid expenses” (option 3).

Your answer is incorrect. The correct answer is “income statement” (option 3).

Your answer is incorrect. The correct answer is “debit income summary account & credit retained earnings account” (option 3).

Your answer is incorrect. The correct answer is “accumulated depreciation” (option 1).