Accounting Cycle Quiz AES questions and answers graded A+ 2023/2024

Accounting Cycle Quiz AESWhat is the purpose of Journals in the accounting cycle? - correct answer Record transactions for a business What is a financial statement that provides information about a company's present condition? - correct answer Balance Sheet The first step in the accounting cycle is: - correct answer Source documents A financial tool that provides information about a company's past performance. - correct answer Income Statement Which of the following accounts is a temporary account? - correct answer Revenue Adjusting entries are made __________ of the accounting period to distribute revenue and expenses to the period in which they are actually applicable. - correct answer At the end A __________ is a list of all the general ledger accounts contained in the ledger of a business. - correct answer Trial balance You've just created and e-mailed the financial statements to your boss? What is the next step you should do in accounting cycle? - correct answer Close out the revenue and expense accounts __________ are journal entries, made at the end of an accounting cycle, to set the balance of temporary accounts to zero to begin the next accounting period. - correct answer Closing entries Source documents include: - correct answer All of the above What are revenue and expenses that are recorded AFTER the actual transaction has occurred? - correct answer Deferral You must first __________ all of the T-accounts before you can calculate the trial balance. - correct answer Balance A financial statement is a(n) __________ record of the financial activities of a business. - correct answer Formal What are revenues and expenses that are recorded BEFORE the actual transaction has occurred? - correct answer Accrual Ledgers area also called: - correct answer T-accounts Statement concerned with the cash going in and out of the business during a specific period. - correct answer Statement of Cash Flows Reports how much the company is worth to the owners at the time the balance sheet is issued. - correct answer Statement of Owner's Equity Who or what does a company's financial statements represent? - correct answer the company itself Which financial statement provides information about a company's revenues and expenses during a specific period? - correct answer income statement What financial statement provides information about a company's assets, liabilities, and equity at a specific point in time? - correct answer balance sheet You've just created and emailed the financial statements to your boss. What is the next step you should do in the accounting cycle? - correct answer Close out the revenue and expense accounts.