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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
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)
Identify common internal controls associated with the accounting cycle
sequentially numbered docs
physical security
transaction limits
equality of debits and credits
trial balances
audits
Common chart of accounts coding systems
sequential
block
hierachical
mnemonic
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
How many trial balances are commonly prepared as part of the 10 steps in the acc cycle?
one
two
three
more than three
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
All of the following chart of accounts coding systems typically use numbers except:
Block
Mnemonic
Sequential
Human judgment can be involved in the AIS via
Designing source docs
Recognizing recordable transactions
Estimating amounts
All of the above
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