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9 Cards in this Set
- Front
- Back
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List Steps of accounting cycle (1-5) |
Obtain info about external transactions from source docs Analyze transactions Record the transactions in a journal Post from journal to a general ledger account Prepare an unadjusted trail balance |
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List Steps of accounting cycle (6-10) |
Record adjusting entries and post to the general ledger accounts Prepare an adjusted trial balance Prepare financial statements Close the temporary accounts to retained earnings (at year end) Prepare a post-closing trial balance (at year end) |
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Identify common internal controls associated with the accounting cycle |
sequentially numbered docs physical security transaction limits equality of debits and credits trial balances audits |
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Common chart of accounts coding systems |
sequential block hierachical mnemonic |
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Which of the following best explains the relationship between bookkeeping and accounting? bk is one activity in acc acc is one activity in bk bk and acc are the same bk never involves human judgments while accounting always does |
bk is one activity in acc |
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How many trial balances are commonly prepared as part of the 10 steps in the acc cycle? one two three more than three |
three |
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Which of the following is the best examples of an accrued revenue? int earned but not rec. on a note rec int rec but not earned on a note rec sales on account purchases on account |
int earned but not rec. on a note rec |
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All of the following chart of accounts coding systems typically use numbers except: Block hierachical Mnemonic Sequential |
Mnemonic |
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Human judgment can be involved in the AIS via Designing source docs Recognizing recordable transactions Estimating amounts All of the above |
All of the above |
