1- The requirement that only transaction data capable of being expressed in terms of money be included in the accounting records relates to the
A. cost principle.
B. monetary unit assumption.
C. economic entity assumption.
D. both a and b above.
2- Transactions are initially recorded in the
A. general ledger.
B. trial balance.
C. general journal.
D. balance sheet.
3- The proper sequence for the accounting cycle is
A. analyze, journalize, post, adjust, prepare statements, close.
B. post, journalize, analyze, prepare statements, close, adjust.
C. prepare statements, journalize, post, adjust, close, analyze.
D. journalize, post, close, prepare statements, adjust, analyze.
4- In preparing closing entries, which of the following columns of the worksheet are the most helpful?
A. The Adjusted Trial Balance columns
B. The Income Statement columns
C. The Balance Sheet columns
D. The Adjustments column