Name:________________________Course/Year:_______________Score:__________ Instructor: Mr. Nekoh Dela Cerna TEST I . Multiple Choice: Choose the letter of the correct answer. 1 (one) point each correct answer. 1. The accounting cycle begins with: A. Presentation of financial information to decision makers.B. Analysis of economic events and recording their effects. C. Posting to the ledger. D. Preparing financial statements and other reports. 2. A simple account form widely used in accounting education to illustrate how debits and credits work is called a: 3. Which of the following statements is incorrect? 4. The process of copying journal information to the ledger is called: 5. A compound journal entry is: A. A journal entry that affects at least three accounts. B. A journal entry involving only two ledger accounts. C. A journal entry that affects at least four accounts. D. A journal entry involving at least two accounting periods. TEST II . True or False: Write true if the statement is correct and false if it is. 1 (one) point each correct answer.
- Summer '17
- Double-entry bookkeeping system, MR. LABANDERO