Accounting Cycle
Accounting Equation
Bank Reconciliation
Posting
Other
100
What is the first part of the Accounting cycle based on Century 21 Accounting General Journal 10E
What is Analyze each transaction
100
What is the Accounting Equation (Chapter 1)
What is
Assets = Liabilities + Owner's Equity
100
Is Reconciling immediately an important aspect of cash control?
What is yes
100
the General Journal is Posted to the...
What is General Ledger
100
Is the Account Michael Delgado, Drawing a Debit or Credit
What is Debit Additional info Increases on a debit and decreases on a credit.
200
How many steps are in the Accounting Cycle
What is 8 Steps
200
Assets increase on a

What is Debit
200
How many steps are involved with a Bank Reconciliation. (numerical answer)
What is 10
200
What does posting help do (involving cash)...
What is Prove Cash (Page 107)
200
The Account number for Sales is generally?
What is 410
300
Name the first two steps
What is Analyze each transaction, Journalize each transaction
300
The three parts of the accounting equation increase by what, answer for each part of the equation (there are 3 parts)
What is Assets increases on a Debit
Liabilities and Owner's Equity increases on a Credit.
300
What is the last step with a Bank Reconciliation
What is Compare Adjusted Balances
300
Generally the largest subsection of the General Ledger is...
What is Cash, this is most commonly used in transactions, therefore the ledger is quite large.
300
If petty cash account is added in after the chart of accounts is made, and cash account is 110, and the first Accounts Receivable is 120, what would be the account number of Petty Cash account.
What is 115
400
Name the last two steps of the Accounting Cycle
What is Journalize and Post Closing Entries, a Post-Closing Trial Balance
400
Cash is spent to decrease an Account Receivable, if the Asset Cash is decreased by a Credit, then the Liability Account Receivable must decrease by a...
What is Debit
400
What does a reconciliation between a bank statement and the checkbook achieve.
What is verifies that they are in agreement.
400
On the General Journal what is put in the Post. Ref column?
What is Account Number
400
The following asset accounts are listed, what would be their account numbers?
  • Petty Cash
  • Cash
  • Accounts Receivable-Valley Landscaping
  • Prepaid Insurance
  • Accounts Receivable-Main Street Services
  • Supplies
What is

(100) ASSETS


110 Cash


120 Petty Cash


130 Accounts Receivable-Main Street Services


140 Accounts Receivable-Valley Landscaping


150 Supplies


160 Prepaid Insurance


500
Name all 8 steps in the Accounting Cycle
What is Analyze each transaction
Journalize each transaction
Post to Ledger
Prepare a Trial Balance
Prepare a Work Sheet
Prepare Financial Statements
Journalize and Post Closing Entries
Prepare a Post-Closing Trial Balance
500
Given the transaction Paid Cash for Supplies, $66.00 which part(s) of the Accounting Equation is affected and in what way (subcategories wise, be precise.)
What is Cash is credited $66.00 and Supplies is debited $66.00
500
Are Outstanding Checks included in this process, and if so are their dates or check number posted to the Reconciliation? Would they reduce or increase the subtotal
What is yes, check number, and reduce.
500
Name the Steps to posting from a General Journal to a Ledger.

What is 1) Post the date from the General Journal to the ledger.

2) On the General Ledger put G(General Journal) followed by the page number. i.e. G1

3)Write the Debit/Credit amount from the General Journal to the Debit/Credit column of the General Ledger, not the columns under the Balance.

4)Now post the Debit to the Balance Debit column on the General Ledger.

5)Post the Account number from the Ledger to the Post. Ref column of the General Journal.

More details on page 100.
500
If an error occurs while posting to the General Journal, how is it to be corrected?
What is

Draw a line through the incorrect item

Next is by writing the correct entry on the next available line

or if it is a cash error this can be done by striking through The Error amount and above the amount write the correct amount.

This can be done as well for titles, Doc. NO., Date, Debit, Credit, etc.

Refer to page 78 for a more detailed explanation in your books

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