1. What is the firststep?

A.

Prepare the unadjusted trial balance.

B.

Record transactions in a journal.

C.

Start with the balances in the ledger at the beginning of the period.

D.

Prepare the financial statements.

E.

Journalize and post adjusting entries.

2. Are any stepsoptional? Ifyes, whichone(s)?

A.

Yes, completing the worksheet is optional.

B.

Yes, journalizing and posting the closing entries is optional.

C.

Yes, posting from the journal to the ledger accounts is optional.

D.

Yes, preparing the financial statements is optional.

E.

No, there are no optional steps.

3. Which steps are completed throughout theperiod? Select all that apply.

A.

Prepare thepost-closing trial balance.

B.

Journalize and post adjusting entries.

C.

Record transactions in a journal.

D.

Post from the journal to the ledger accounts.

E.

Identify and analyze transactions as they occur.

F.

Prepare an adjusted trial balance.

G.

Prepare the unadjusted trial balance.

H.

Prepare the financial statements.

I.

Journalize and post the closing entries.

4. Which steps are completed only at the end of theperiod? Select all that apply.

A.

Prepare an adjusted trial balance.

B.

Prepare the financial statements.

C.

Journalize and post adjusting entries.

D.

Journalize and post the closing entries.

E.

Prepare the unadjusted trial balance.

F.

Post from the journal to the ledger accounts.

G.

Identify and analyze transactions as they occur.

H.

Record transactions in a journal.

I.

Prepare thepost-closing trial balance.

5. What is the last step in the accountingcycle?

A.

Prepare an adjusted trial balance.

B.

Prepare thepost-closing trial balance.

C.

Identify and analyze transactions as they occur.

D.

Post from the journal to the ledger accounts.

E.

Prepare the financial statements.