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Business Essentials Unit 4 Assessment Exam Questions With Correct Answers.

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Business Essentials Unit 4 Assessment Exam Questions With Correct Answers.

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Business Essentials Unit 4 Assessment Exam
Questions With Correct Answers

The |process |of |keeping |the |financial |records |of |a |business |is |known |as? |- |CORRECT |
ANSWER✔✔-accounting



The |overall |purpose |of |accounting |is |to |do |which |of |the |following? |- |CORRECT |ANSWER✔✔-
control |the |finances |of |the |business.



For |an |accounting |system |to |be |useful |to |the |business, |the |accounting |information |it |contains |
must |be |which |of |the |following? |- |CORRECT |ANSWER✔✔-accurate |and |up |to |date.



Checks, |receipts, |invoices, |and |purchase |orders |are |examples |of |what |accounting |information?
|- |CORRECT |ANSWER✔✔-source |documents.




Accounting |records |for |a |business |show |that |the |week's |total |sales |revenues |were |$125,000. |
Cash |sales |accounted |for |$50,000 |and |credit |sales, |$75,000. |This |is |an |example |of |what |
accounting |practice? |- |CORRECT |ANSWER✔✔-the |accrual |method |of |accounting.



Which |of |the |following |presents |the |first |three |steps |in |the |accounting |cycle |in |the |correct |
order? |- |CORRECT |ANSWER✔✔-Analyze, |journalize, |and |post



Which |of |the |following |categories |of |information |are |found |on |a |balance |sheet: |- |CORRECT |
ANSWER✔✔-Assets, |liabilities, |owner's |equity



What |accounting |record |would |summarize |a |business's |profit |or |loss |for |a |previous |year? |- |
CORRECT |ANSWER✔✔-Income |statement

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