Accounting Essentials Quiz

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Fundamentals of accounting

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Mary Justine Sta. Ana

Filipinas

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Froggy Jumps Accounting Essentials QuizVersión en línea Fundamentals of accounting por Mary Justine Sta. Ana 1 What is the step-by-step process used by businesses to record, organize, summarize, and report financial transactions called? a Accounting Cycle b General Ledger c Trial Balance 2 Which term describes an economic event that directly affects a business's financial position and can be measured in monetary terms? a Business Transaction b Ledger Posting c General Journal 3 What is the fundamental Accounting Equation? a Assets + Liabilities = Owner's Equity b Assets = Liabilities + Owner's Equity c Assets = Liabilities - Owner's Equity 4 Why is the general journal often referred to as the "book of original entry"? a It contains individual accounts for cash, supplies, and equipment. b It is where transactions are first recorded before posting elsewhere. c It summarizes all debit and credit balances to check equality. 5 Which of the following best describes the main difference between a journal and a ledger? a The journal checks account balance equality, while the ledger lists business transactions. b The journal is created at the end of the period, while the ledger is created first. c The journal records transactions chronologically, while the ledger organizes by specific accounts. 6 What is the primary purpose of preparing a Trial Balance? a To verify whether total debit balances equal total credit balances. b To determine total profits earned by the business. c To list all the company's owner investments and expenses. 7 Which side of an account is the credit side? a Right Side b Top Side c Left Side 8 If total debits equal total credits on a Trial Balance, the ledger is said to be what? a Closed b Balanced c Overdue 9 What is the term for transferring entries from the journal to the ledger? a Posting b Journalizing c Printing

Froggy Jumps

Accounting Essentials QuizVersión en línea

Fundamentals of accounting

por Mary Justine Sta. Ana

What is the step-by-step process used by businesses to record, organize, summarize, and report financial transactions called?

Accounting Cycle

General Ledger

Trial Balance

Which term describes an economic event that directly affects a business's financial position and can be measured in monetary terms?

Business Transaction

Ledger Posting

General Journal

What is the fundamental Accounting Equation?

Assets + Liabilities = Owner's Equity

Assets = Liabilities + Owner's Equity

Assets = Liabilities - Owner's Equity

Why is the general journal often referred to as the "book of original entry"?

It contains individual accounts for cash, supplies, and equipment.

It is where transactions are first recorded before posting elsewhere.

It summarizes all debit and credit balances to check equality.

Which of the following best describes the main difference between a journal and a ledger?

The journal checks account balance equality, while the ledger lists business transactions.

The journal is created at the end of the period, while the ledger is created first.

The journal records transactions chronologically, while the ledger organizes by specific accounts.

What is the primary purpose of preparing a Trial Balance?

To verify whether total debit balances equal total credit balances.

To determine total profits earned by the business.

To list all the company's owner investments and expenses.

Which side of an account is the credit side?

Right Side

Top Side

Left Side

If total debits equal total credits on a Trial Balance, the ledger is said to be what?

Closed

Balanced

Overdue

What is the term for transferring entries from the journal to the ledger?

Posting

Journalizing

Printing

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Accounting Essentials Quiz

Froggy Jumps

Sobre esta actividad

Creada por

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Accounting Essentials QuizVersión en línea

por Mary Justine Sta. Ana

What is the step-by-step process used by businesses to record, organize, summarize, and report financial transactions called?

Which term describes an economic event that directly affects a business's financial position and can be measured in monetary terms?

What is the fundamental Accounting Equation?

Why is the general journal often referred to as the "book of original entry"?

Which of the following best describes the main difference between a journal and a ledger?

What is the primary purpose of preparing a Trial Balance?

Which side of an account is the credit side?

If total debits equal total credits on a Trial Balance, the ledger is said to be what?

What is the term for transferring entries from the journal to the ledger?

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