accounting cycle

answer only po, no need long explanation

paanswer din po yung mga mga answer heheh

1. Select the accounting cycle that describes the correct sequence of accounting cycle. * (1 Point) a. Gather documents . Analyze and Record . Post to the ledger , Prepare TBalance . Prepare Worksheet . Journalize O and post adjusting entries Prepare Financial Statements _. Prepare an adjusted TBalance . Prepare Closing entries _. Prepare postclosing TBalance . Journalize and Post reversing entries b. Gather documents _, Analyze and Record _. Post to the ledger ) Prepare TBalance . Prepare Worksheet . Journalize O and post adjusting entries . Prepare an adjusted TBalance _. Prepare Financial Statements _. Prepare Closing entries + Prepare post-closing TBalance _+ Journalize and Post reversing entries 0. Analyze and Record _. Gather documents _. Post to the ledger Prepare TBalance _. Prepare Worksheet . Journalize and post adjusting entries _. Prepare Financial Statements _+ Prepare an adjusted TBalance _. Prepare Closing entries _. Prepare postclosing TBalance a Journalize and Post reversing entries d. Gather documents . Analyze and Record . Post to the ledger . Prepare TBalance . Prepare Worksheet . Journalize O and post adjusting entries _. Prepare an adjusted TBalance _. Prepare Closing entries Prepare postclosing T-Balance _ Journalize and Post reversing entries . Prepare Financial Statements 2. The last three steps of the accounting cycle are * (1 Point) Preparing a post closing trial balance, preparing the reversing entries and closing the books. 0 Closing the books, preparing the reversing entries. and preparing a post closing trial balance. O Closing the books, preparing a post closing trial balance and preparing the reversing entries. 0 Preparing a post closing trial balance, closing the books and pre- paring the reversing entries. 3. provides information regarding the nancial performance of the business or its protability. * (1 Point) O Statement of Financial Position O Cash Flow Statement 0 Statement of Changes in Owner's Equity 0 Income Statement 4. Statement 1 The statement of cash ows lists down the economic resources being controlled by the rm, and from which liquidity and solvency are determined. Statement 2 The statement of nancial position shows how cash was affected by the operating, investing and nancing activities of the business. * (1 Point) 0 Statement '1 is true, Statement 2 is false 0 Statement 1 is false, Statement 2 is true. 0 Both statements are false. O Both statements are true. 5. Which of the following accounts should be considered as Current Assets? * (1 Point) 0 Cash, Property, plant and equipment, Prepaid expenses 0 Cash, Accounts Receivable, Property, plant and equipment O Cash, Accounts Receivable, Merchandise Inventory, Prepaid Expenses 0 Cash, Merchandise Inventory, Property, plant and equipment, Prepaid Expenses 6. are these debts or obligations reasonably expected to be liquidated in the normal course of the enterprises operating cycle or paid within a period of one year. t (1 Point) O Non-current liabilities O Non-current assets 0 Current assets 0 Current liabilities 7. A liability to pay a bank or a nancing institution for the amount of money borrowed by the business. * (1 Point) 0 Accounts payable 0 Lean payable 0 Note payable 0 Mortgage payable 8. Non-current assets does not include * (\"I Point) 0 Long term investments 0 Plant, property and equipment 0 Accumulated depreciation 0 Interest Receivable 9. The relevance of Statement of Cash Flows does not include * (1 Point) 0 It will enlighten us on how cash is being managed. Q It is vital to the nancial health of the business. It shows the lists in details of assets and liabilities of the busi- O ness and shows the residual interest of the owner as of a spe cic date. 0 It enables the business to maintain a proper balance between re ceipts and disbursements. 10. Non-current liabilities are as follows but does not include * (1 Point) 0 Note Payable 0 Mortgage Payable 0 Accounts Payable O Bond Payable