Multiple Choice
The accounting cycle begins with
A) preparing financial statements and other reports
B) analysis of economic events and recording their effects
C) posting to the ledger
D) presentation of financial information to decision makers
E) None of these
Correct Answer:
Verified
Correct Answer:
Verified
Q97: An account balance is<br>A) the total of
Q98: A transaction that decreases an asset account
Q99: The process of copying journal information to
Q100: A place or location within an accounting
Q101: While in the process of posting from
Q103: Purchasing supplies on credit increases assets while
Q104: Increases in liabilities are recorded as debits.
Q105: Unearned revenues are<br>A) revenues that have been
Q106: What is double-entry accounting?<br>A) An accounting system
Q107: Discuss the use of the trial balance.