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Bookkeeping Basics - Accounting Cycle (Part 1) Assessment (2024 / 2025) Questions and Verified Answers, 100% Guarantee Pass $12.99
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Bookkeeping Basics - Accounting Cycle (Part 1) Assessment (2024 / 2025) Questions and Verified Answers, 100% Guarantee Pass
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  • Bookkeeping

Bookkeeping Basics - Accounting Cycle (Part 1) Assessment (2024 / 2025) Questions and Verified Answers, 100% Guarantee Pass

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  • August 28, 2024
  • 6
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • Bookkeeping
  • Bookkeeping

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Bookkeeping Basics - Accounting Cycle (Part 1) Assessment.pdf file:///C:/Users/HP/Desktop/pppppp/Bookkeeping%20Basics%20-%2




Bookkeeping Basics - Accounting Cycle (Part 1)


Assessment




1. A schedule that contains all accounts needed to prepare financial state- ments is


known as


ANS The General Ledger


2. Reorganizing journal entries and grouping them by account is known as


ANS -


Posting to the ledger


3. A listing of the names of the accounts that a company has identified and made


available for recording transactions in its general ledger is known as a


ANS Chart of Accounts


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,Bookkeeping Basics - Accounting Cycle (Part 1) Assessment.pdf file:///C:/Users/HP/Desktop/pppppp/Bookkeeping%20Basics%20-%2




4. To find the balance of the account types that increase with a debit (asset and expense


accounts), bookkeepers will


ANS Subtract total credits from total debits (Debits - Credits)


5. The accounting cycle starts with the


ANS Analysis of business transactions


6. After analysis, the business transaction is recorded in the journal in


ANS -


Chronological order


7. A form or statement that lists the titles and balances of all ledger accounts at a given


date is known as


ANS Trial balance


8. Sydney is entering a transaction in QuickBooks. What are the two steps of manual


accounting that will happen simultaneously as she does this?


ANS Creat- ing a journal entry and posting to the ledger


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