Bookkeeping Cycle Test

Question 1

An account entry on the left side is referred to as.

Accepted Answer

Debit

Answer

Date

Answer

Account Tittle

Answer

Credit

Question 2

The goal of posting to a ledger is to apply deposits and charges to the correct account.

Accepted Answer

True

Answer

False

Question 3

The task of recording, classifying, and summarizing financial transactions and events is known as accounting.

Accepted Answer

Bookkeeping

Answer

Credit

Answer

Journal Entry

Answer

Debit

Question 4

An account entry on the right side is referred to as.

Accepted Answer

Credit

Answer

Date

Answer

Account Tittle

Answer

Debit

Question 5

After a business transaction, journal entries are made in the

Accepted Answer

General Journal

Answer

Expense Accounts

Answer

General Ledger

Answer

Balance Sheet

Question 6

A ledger is a collection of financial records.

Accepted Answer

True

Answer

False

Question 7

After you've recorded your diary entries, you can upload them to:

Accepted Answer

Ledger Accounts

Answer

Expense Reports

Answer

Income Statements

Answer

General Journal

Question 8

After modifying journal entries have been recorded, this trial balance is established.

Accepted Answer

Adjusted Trial Balance

Answer

Post-Closing Trial Balance

Answer

Pre Closing Trial Balance

Answer

Unadjusted Trial Balance

Question 9

Before year-end adjusting journal entries, which trial balance contains all of the business accounts?

Accepted Answer

Unadjusted Trial Balance

Answer

Adjusted Trial Balance

Answer

Pre Closing Trial Balance

Answer

Post-Closing Trial Balance