1. Which is done first in the accounting process? a. Financial statements are prepared c. Adjusting entries are recorded b. Nominal accounts are closed d. A postclosing trial balance is prepared _____ 2. Which is done last in the accounting process considering the following? a. Journalize and post closing entries c. Prepare reversing entries b. Analyze transactions from source documents d. Record the transactions in a journal _____ 3. Which is optional in the accounting cycle? a. Reversing entries b. Closing entries c. Adjusting entries d. Adjusted trial balance _____ 4. The double entry accounting system means ____. a. Each transaction is recorded with two journal entries. b. Each item is recorded in a journal entry and then in a general ledger. c. The dual effect of each transaction is recorded with a debit and a credit. d. All of these are choices regarding the double entry system. _____ 5. The normal balance of an account is on the ____. a. Debit side c. Side represented by the increase in the account balance b. Credit side d. Side represented by the decrease in the account balance _____ 6. Debits ___. a. Increase assets and decrease expenses, liabilities, revenue and equity