31 which of the following is the third major step in the accounting cycle a prepare 4313958

31 which of the following is the third major step in the accounting cycle a prepare 4313958

31.Which of the following is the third major step in the accounting cycle?

a.prepare the financial statements

b.record the daily transactions in a journal

c.prepare and post adjusting entries

d.post the journal entries to the accounts in the ledger

32.Which of the following is not a major step necessary to complete the accounting cycle?

a.Prepare and post-closing entries

b.Prepare the adjusted trial balance

c.Prepare adjusting entries

d.Record the transactions, events, and arrangements

33.Which of the following is a major step in completing the accounting cycle?

a.Prepare financial statements

b.Record transactions, events, and arrangements

c.Prepare adjusting entries

d.All of these answer choices are correct.

34.The accounting cycle is a series of steps that process the accounting information contained in its transactions, events, and arrangements. What are the steps involved in this task?

a.Record, organize, close, report

b.Organize, record, report, analyze

c.Record, organize, summarize, report

d.Analyze, prepare, record, report

35.When you prepare a journal entry, the standard format is to list all

a.asset accounts first.

b.accounts to be debited first.

c.liability accounts first.

d.accounts to be credited first.

36.Which of the following is true regarding the general journal?

a.It keeps up to date records of all customers and suppliers.

b.It helps divide up accounting tasks.

c.It helps prevent errors.

d.It helps control the spending of the organization.

37.Which of the following errors will be detected by a trial balance?

a.posting a credit to Sales instead of to Accounts Payable

b.incorrectly computing the balance of the cash account

c.failure to journalize a sales transaction at all

d.forgetting to post a purchase transaction at all

38.The basic purpose of a trial balance is to

a.list all of the accounts in the general ledger.

b.list all of the accounts in the general ledger that have a balance.

c.be sure that all journal entries have been recorded.

d.verify that the total credits equal the total debits.

39.What relationship exists between the general journal and the general ledger?

a.The general ledger accounts contain the same information as those in the general journal, but it is just in a different format.

b.The balances in the general ledger will always equal those in the general journal.

c.After all postings from the general journal are complete, the debit balances in the general ledger will rarely equal the credit balances.

d.The number of accounts in the general journal will always be larger than the number of accounts in the general ledger.

40.The entire group of accounts for a company is referred to as the

a.general ledger.

b.worksheet.

c.journal.

d.document of original entry.

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