Quiz 02.81 – Understanding the Accounting Processing Cycle
Intermediate Accounting
Spiceland, Nelson, and Thomas
10th Edition
What is the accounting processing cycle?
What is the accounting processing cycle?
Match the given phrases with their corresponding terminologies, prepayments, post-closing trial balance, etc…
Match the given phrases with their corresponding terminologies, balance sheet, adjusting entries, etc…
Match the given phrases with their corresponding terminologies, prepayments, perpetual system, etc…
Match the given phrases with their corresponding terminologies, general ledger, credit, etc…
Match the given phrases with their corresponding terminologies, liabilities, retained earnings, etc…
Match the given phrases with their corresponding terminologies, source documents, revenues, etc…
Match the given phrases with their corresponding terminologies, unadjusted trial balance, accrued receivables, etc…
In column A, identify whether a debit will increase or decrease the account balance. In column B, classify each account according to the provided scheme. If the account is a contra account, indicate the classification of the account to which it relates.
Asks what closing process involves