$9.3\mathrm{.}3$ The step$-$by$-$step process to record business activities and events to keep financial records up to

date is $\_\_\_\_\_\_\_\_.$

A$.$ day$-$to$-$day cycle

B$.$ accounting cycle

C$.$ general ledger

D$.$ journal

$20.3\mathrm{.}3$ One operating cycle of a business, which could be a month, quarter, or year, is commonly referred

to as which of the following?

A$.$ period

B$.$ round

C$.$ tally

D$.$ mark

$21.3\mathrm{.}3\_\_\_\_\_\_\_\_$ takes all transactions from the journal during a period and moves the information to a

general ledger $($ledger$).$

A$.$ Hitching

B$.$ Posting

C$.$ Vetting

D$.$ Laxing

Chapter $3$ Analyzing and Recording Transactions $177$

$22.3\mathrm{.}4$ Which of these events will not be recognized?

A$.$ A service is performed, but the payment is not collected on the same day.

B$.$ Supplies are purchased. They are not paid for; the company will be billed.

C$.$ A copy machine is ordered. It will be delivered in two weeks.

D$.$ Electricity has been used but has not been paid for.

$23.3\mathrm{.}4$ A company purchased a building twenty years ago for $$150,000.$ The building currently has an

appraised market value of $$235,000.$ The company reports the building on its balance sheet at $$235,000.$ What

concept or principle has been violated?

A$.$ separate entity concept

B$.$ recognition principle

C$.$ monetary measurement concept

D$.$ cost principle

$24.3\mathrm{.}4$ What is the impact on the accounting equation when a current month$$s utility expense is paid?

A$.$ both sides increase

B$.$ both sides decrease

C$.$ only the Asset side changes

D$.$ neither side changes

$25.3\mathrm{.}4$ What is the impact on the accounting equation when a payment of account payable is made?

A$.$ both sides increase

B$.$ both sides decrease

C$.$ only the Asset side changes

D$.$ neither side changes

$26.3\mathrm{.}4$ What is the impact on the accounting equation when an accounts receivable is collected?

A$.$ both sides increase

B$.$ both sides decrease

C$.$ only the Asset side changes

D$.$ the total of neither side changes

$27.3\mathrm{.}4$ What is the impact on the accounting equation when a sale occurs?

A$.$ both sides increase

B$.$ both sides decrease

C$.$ only the Asset side changes

D$.$ neither side changes

$28.3\mathrm{.}4$ What is the impact on the accounting equation when stock is issued, in exchange for assets?

A$.$ both sides increase

B$.$ both sides decrease

C$.$ only the Asset side changes

D$.$ neither side changes

$29.3\mathrm{.}5$ Which of the following accounts is increased by a debit?

A$.$ Common Stock

B$.$ Accounts Payable

C$.$ Supplies

D$.$ Service Revenue