Accounting Chapter 5 Learning Objective 1 Question Title * 1. Which of the following sequences of documents or records describes the proper sequence in the accounting cycle? Source documents, journal, ledger, work sheet, financial statements Source documents, work sheet, journal, ledger, financial statements Source documents, ledger, journal, work sheet, financial statements Work sheet, source documents, financial statements, ledger, journal Financial statements, journal, ledger, source documents, work sheet OK Question Title * 2. Which of the following statements is true concerning the steps in the accounting cycle? Preparing a trial balance should be completed before recording business transactions into a journal. Journalizing and posting the closing entries should be completed after preparing financial statements. Completing the work sheet should be completed after preparing the financial statements. Preparing a post-closing trial balance should be completed before completing the work sheet. OK Question Title * 3. Which of the following steps follows the recording of a business transaction in a journal? Posting of journal entries to the accounts in a ledger Preparing a post-closing trial balance Completing the work sheet Journalizing and posting adjusting entries OK Question Title * 4. The last step in the accounting cycle is to prepare a trial balance. prepare a post-closing trial balance. complete the work sheet. journalize and post the adjusting entries. OK Question Title * 5. Rank the steps of the accounting cycle in the proper order of preparation. 1 2 3 4 5 6 7 8 9 Analyze source documents and record business transactions in a journal. 1 2 3 4 5 6 7 8 9 Post journal entries to the accounts in the ledger. 1 2 3 4 5 6 7 8 9 Prepare a trial balance. 1 2 3 4 5 6 7 8 9 Gather adjustment data and record the adjusting entries on a work sheet. 1 2 3 4 5 6 7 8 9 Complete the work sheet. 1 2 3 4 5 6 7 8 9 Journalize and post the adjusting entries from the data on the work sheet. 1 2 3 4 5 6 7 8 9 Prepare financial statements from the data on the work sheet. 1 2 3 4 5 6 7 8 9 Journalize and post the closing entries. 1 2 3 4 5 6 7 8 9 Prepare a post-closing trial balance. OK DONE