Bookkeeping Basics - Accounting Cycle
(Part 2) Assessment
A Balance Sheet has 4 components: a heading, assets, liabilities, and ______. - ANS-Equity
A enterprise proprietor performs a provider and is paid whilst the activity is finished. The
owner might then input this transaction into accounting software as: - ANS-A Sales Receipt
A business owner plays a carrier however is not paid whilst the process is achieved. Using
their accounting software program, the proprietor could input the transaction as: - ANS-An
Invoice
A patron paid in advance for a carrier. They need to cancel the carrier. If the enterprise
owner desires to apply that money toward the patron's subsequent carrier, the proprietor
would enter that transaction into their accounting software as: - ANS-A Credit Memo
A seasonal commercial enterprise like Lou's Landscaping will have decreased cash in the
course of off-season months. Which financial declaration would show the coins inflows and
outflows for a particular month? - ANS-Balance Sheet - WRONG
After the Unadjusted Trial Balance is created, the manner of going returned and updating
records is called: - ANS-Making adjustments
An proprietor delivered in a piece of device for servicing and paid for the repair with a test.
The owner would then input the transaction into their accounting software as: - ANS-A
supplier check
An owner has deposited numerous bills they've obtained from clients into the business's
bank account. The owner would then enter this transaction in their accounting software as: -
ANS-A Bank Deposit
Becky provided a service to a patron, and that they have not begun to pay. Which kind of
magazine access might need to be made? - ANS-An Accrual
The file that suggests all of the account balances after changes were made is called: -
ANS-The General Ledger - WRONG
The Adjusted Trial Balance
The General Journal
The Unadjusted Trial Balance
True or False: Business proprietors should use the General Ledger to make business
choices. - ANS-False
True or False: Financial reports ought to be produced earlier than any adjustments were
made. - ANS-False
True or False: In order to finish a Statement of Equity, you may want the net make the most
of the Income Statement. - ANS-True
True or False: The depreciation of a automobile isn't always some thing that may be entered
as an adjustment. - ANS-False
True or False: The ending coins stability on the Statement of Cash Flow need to not same
the cash balance suggested on the Balance Sheet: - ANS-False
(Part 2) Assessment
A Balance Sheet has 4 components: a heading, assets, liabilities, and ______. - ANS-Equity
A enterprise proprietor performs a provider and is paid whilst the activity is finished. The
owner might then input this transaction into accounting software as: - ANS-A Sales Receipt
A business owner plays a carrier however is not paid whilst the process is achieved. Using
their accounting software program, the proprietor could input the transaction as: - ANS-An
Invoice
A patron paid in advance for a carrier. They need to cancel the carrier. If the enterprise
owner desires to apply that money toward the patron's subsequent carrier, the proprietor
would enter that transaction into their accounting software as: - ANS-A Credit Memo
A seasonal commercial enterprise like Lou's Landscaping will have decreased cash in the
course of off-season months. Which financial declaration would show the coins inflows and
outflows for a particular month? - ANS-Balance Sheet - WRONG
After the Unadjusted Trial Balance is created, the manner of going returned and updating
records is called: - ANS-Making adjustments
An proprietor delivered in a piece of device for servicing and paid for the repair with a test.
The owner would then input the transaction into their accounting software as: - ANS-A
supplier check
An owner has deposited numerous bills they've obtained from clients into the business's
bank account. The owner would then enter this transaction in their accounting software as: -
ANS-A Bank Deposit
Becky provided a service to a patron, and that they have not begun to pay. Which kind of
magazine access might need to be made? - ANS-An Accrual
The file that suggests all of the account balances after changes were made is called: -
ANS-The General Ledger - WRONG
The Adjusted Trial Balance
The General Journal
The Unadjusted Trial Balance
True or False: Business proprietors should use the General Ledger to make business
choices. - ANS-False
True or False: Financial reports ought to be produced earlier than any adjustments were
made. - ANS-False
True or False: In order to finish a Statement of Equity, you may want the net make the most
of the Income Statement. - ANS-True
True or False: The depreciation of a automobile isn't always some thing that may be entered
as an adjustment. - ANS-False
True or False: The ending coins stability on the Statement of Cash Flow need to not same
the cash balance suggested on the Balance Sheet: - ANS-False
