21. Sydney is entering a transaction in QuickBooks. What are the two steps of manual accounting that will happen simultaneously as she does this?
- Entering an expense and entering revenue
- Creating a journal entry and posting to the ledger
- Creating a journal entry and producing a profit and loss statement
22. The digits of the account numbers assigned to general ledger accounts often have significance. For example, an account number beginning with a "1" might signify that the account is an asset account, a "6" might signify an operating expense, etc.
- True
- False
23. A trial balance where total debits equal total credits indicates:
- One or more transactions have been incorrectly analyzed and recorded in the ledger accounts.
- The ledger is in balance.
- The company made a profit during the accounting period.
24. Zach needs to determine what his company’s financial position was on March 31st of last year. Which of the following would be the best report to look at?
- Statement of retained earnings
- Balance sheet
- Statement of equity
- The general ledger
25. Which of the following financial statements reports the sources and uses of cash by a business?
- The Income Statement
- Statement of Cash Flow
- The Balance Sheet
- Statement of Equity
26. Which of the following lists general ledger account balances at the end of a reporting period, before any adjusting entries are made?
- Unadjusted Trial Balance
- Statement of Equity
- Adjusted Trial Balance
- The Balance Sheet
27. A trial balance that is prepared after taking into account all the adjusting entries is known as:
- Adjusted Trial Balance
- Cash Flow Statement
- Unadjusted Trial Balance
28. The preparation of financial statements and closing the books is the ______ step of the accounting cycle.
- third
- second
- fourth
- last
Shuffle Q/A 3
29. Rudiger has just recorded and posted his business transactions to the ledger. His next step in the accounting cycle is to _______.
- prepare the income statement
- analyze transactions
- prepare an unadjusted trial balance
- collect all receipts and invoices
30. Francis enters a $100 check received from a customer into QuickBooks online. If she views the Transaction Journal, which account would show as being debited $100?
- Revenue
- Expenses
- Business bank account
- Accounts receivable