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Accounting Cycle and Transactions

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Questions and Answers

What type of account is affected by the closing process?

Liability account

Capital account (correct)

Asset account

Expense account

What best describes an accrued revenue?

An amount earned but not collected (correct)

An amount not collected and not earned

An amount earned and collected

An amount collected but not earned

What is the fundamental purpose of accounting that is NOT correct?

To provide quantitative information

To provide timely information

To provide qualitative information (correct)

To provide financial information

What is the term for an entity's ability to adapt to changes?

Financial flexibility Signup and view all the answers

What is the criterion by which accounting information can be judged?

Usefulness for decision making Signup and view all the answers

What is the primary purpose of source documents in the accounting cycle?

To collect economic data in transaction and other accountable events Signup and view all the answers

What is the effect of a cash purchase of inventory on total assets?

Total assets remain unchanged Signup and view all the answers

What type of account is credited when recording an increase in revenue?

Revenue account Signup and view all the answers

What is the purpose of adjusting entries involving doubtful accounts?

To record an expense that has already been incurred but not yet paid Signup and view all the answers

What type of account is initially recorded when an advanced payment is made for an expense?

Asset account Signup and view all the answers

What is the purpose of a trial balance?

To prove that total debit and total credit in the ledger are equal Signup and view all the answers