learning objective 4 5 1 the steps of the accounting cycle are followed throughout t 4306742

learning objective 4 5 1 the steps of the accounting cycle are followed throughout t 4306742

Learning Objective 4-5

1) The steps of the accounting cycle are followed throughout the accounting period.

2) The operating cycle is the process by which companies produce their financial statements for a specific period.

3) In an accounting cycle, an analysis of transactions is performed at the end of each accounting period.

4) The process by which companies produce their financial statements for a specific period is called the ________.

A) operating cycle

B) closing process

C) opening process

D) accounting cycle

5) In an accounting cycle, which of the following steps takes place only at the end of the accounting period?

A) start with the beginning account balances

B) journalize transactions that occur

C) analyze transactions as they occur

D) journalize adjusting entries

6) Closing journal entries are posted ________.

A) throughout the accounting period

B) before posting the adjusting entries

C) after preparing the post-closing trial balance

D) after preparing the financial statements

7) Adjusting journal entries are prepared ________.

A) after preparing the adjusted trial balance

B) after preparing the unadjusted trial balance

C) after posting the closing entries

D) after preparing the financial statements

8) Which of the following steps must be completed before preparing the adjusted trial balance?

A) preparing the post-closing trial balance

B) posting of journal entries to the accounts

C) preparation of the closing entries

D) preparation of the financial statements

9) Which of the following statements is true of the accounting cycle?

A) It takes place only at the end of an accounting period.

B) It involves preparation of adjusting entries after the closing entries.

C) It ignores the beginning balances of accounts.

D) It is a process by which financial statements for a period are produced.

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