1. Accounting provides information to:
all of the above
investors
government
managers
2. A chart of accounts:
is a listing of all the accounts used by a company
include account balances
all of the above
is set up in alphabetical order
3. Which of the following accounts would be increased by adebit?
cash
Capital
fees earned
accounts payable
4. Financial statements that are prepared for a period shorterthat a year are called:
interim statements
fiscal year statements
monthly statements
accounting period statements
5. Revenue is traditionally recognized in the accounting recordswhen:
service is rendered
cash is received
none of the above
it is incurred
6. Accounts Payable had a normal starting balance of $800. Therewere debit postings of $600 and credit postings of $300 during themonth. The ending balance is:
$1000 credit
$500 debit
$1000 credit
$500 credit
7. A ledger:
is a group of accounts and their balances
none of these answers are correct
is the same as a chart of accounts
can replace the financial statements
8. A journal entry affecting three or more accounts is calleda
compound entry
multi-step entry
simple entry
multi-level entry
9. The process that begins with recording business transactions,and includes the completion of the financial statements is the:
natural business year
calendar year
accounting cycle
fiscal year
10. The left side of any account is the:
Footings
credit side
debit side
ending balance
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