Bookkeeping Basics - Accounting Cycle (Part 2) Assessment
Questions And Answers Most Reviewed Rationale.
A Balance Sheet has four parts: a heading, assets, liabilities, and ______. Equity
A business owner performs a service and is paid when the job is performed. The owner would
then enter this transaction into accounting software as: - ansA Sales Receipt
A business owner performs a service but is not paid when the job is performed. Using their
accounting software, the owner would enter the transaction as: - ansAn Invoice
A customer paid in advance for a service. They need to cancel the service. If the business owner
wishes to apply that money towards the customer's next service, the owner would enter that
transaction into their accounting software as: - ansA Credit Memo
A seasonal business like Lou's Landscaping can have decreased cash during off-season months.
Which financial statement would show the cash inflows and outflows for a particular month? -
ansBalance Sheet - WRONG
After the Unadjusted Trial Balance is created, the process of going back and updating
information is known as: - ansMaking adjustments
An owner brought in a piece of equipment for servicing and paid for the repair with a check. The
owner would then enter the transaction into their accounting software as: - ansA vendor check
An owner has deposited several payments they've received from customers into the business's
bank account. The owner would then enter this transaction in their accounting software as: -
ansA Bank Deposit
Becky provided a service to a customer, and they have yet to pay. Which type of journal entry
would need to be made? - ansAn Accrual
The document that shows all of the account balances after adjustments have been made is known
as: - ansThe General Ledger - WRONG
