Question Details

An optional step in the accounting cycle


1.	Which of the following is an optional step in the accounting cycle?
a.	Adjusting entries
b.	Closing entries
c.	Correcting entries
d.	Reversing entries
 
2.	Which one of the following statements concerning the accounting cycle is incorrect?
a.	The accounting cycle includes journalizing transactions and posting to ledger accounts.
b.	The accounting cycle includes only one optional step.
c.	The steps in the accounting cycle are performed in sequence.
d.	The steps in the accounting cycle are repeated in each accounting period.

3.	Correcting entries are made
a.	at the beginning of an accounting period.
b.	at the end of an accounting period.
c.	whenever an error is discovered.
d.	after closing entries.

4.	On September 23, Riley Company received a $350 check from Jack Colaw for services to be performed in the future. The bookkeeper for Riley Company incorrectly debited Cash for $350 and credited Accounts Receivable for $350. The amounts have been posted to the ledger. To correct this entry, the bookkeeper should
a.	debit Cash $350 and credit Unearned Service Revenue $350.
b.	debit Accounts Receivable $350 and credit Unearned Service Revenue $350.
c.	debit Accounts Receivable $350 and credit Cash $350.
d.	debit Accounts Receivable $350 and credit Service Revenue $350.

	5.	All of the following are equity accounts except
a.	Retained Earnings.
b.	Common Stock.
c.	Investment in Stock.
d.	Dividends.


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