Question 1 (1 point) In the accounting cycle, the last step is preparing the ___
ID: 2337789 • Letter: Q
Question
Question 1 (1 point)
In the accounting cycle, the last step is preparing the ________.
a
closing entries
b
trial balance
d
adjusting entries
Question 2 (1 point)
Which of the following is true of an accrued expense?
a
It is paid and currently matched with earnings.
b
It is not paid and currently matched with earnings.
c
It is neither paid nor currently matched with earnings.
d
It is paid and not currently matched with earnings.
Question 3 (1 point)
A journal entry to record a payment on an account will include a ________.
a
debit to accounts receivable
b
debit to accounts payable
c
credit to accounts payable
d
credit to accounts receivable
Question 4 (1 point)
The accounting equation can be expressed as: ________.
a
Assets = Liabilities - Stockholders’ Equity
b
Assets + Liabilities = Stockholders’ Equity
c
Assets - Liabilities = Stockholders’ Equity
d
Assets + Stockholders' Equity = Liabilities
Question 5 (1 point)
A journal entry to record a sale of inventory on an account will include a ________.
a
debit to inventory
b
debit to accounts receivable
c
credit to cost of goods sold
d
debit to sales
a
closing entries
b
trial balance
d
adjusting entries
Explanation / Answer
ANSWER:
1.In the accounting cycle, the last step is preparing the Closing entries .
That is Option- A.
2. The true of an accrued expense is It is not paid and currently matched with earnings.
That is Option-B.
3.A journal entry to record a payment on an account will include a Debit to accounts payable
That is Option-B.
4.The accounting equation can be expressed as ,
Assets - Liabilities = Stockholders’ Equity.
That is Option-C.
5.A journal entry to record a sale of inventory on an account will include a Debit to inventory.
That is Option-A.