Answer 1 In the above table, answer the following multiple choice questions (Use capital letters) 1. The accounting cycle begins with: 0. A) Analysis of business transactions and events. B) Preparing financial statements and other reports. C) Summarizing the recorded effect of business transactions. D) Preparation of the trial balance. 2. Unearned revenues are: A) Revenues that have been earned and received in cash B) Revenues that have been earned but not yet collected in cash. C Liabilities created when a customer pays in advance for products or services before the revenue is earned. 3. A list of all accounts and their balances at a point of time is called a: A) Journal. B) Book of original entry C) General Journal. D) Trial Balance. 4. A credit is used to record: A) A decrease in an expense account. B) A decrease in an asset account. C) An increase in an unearned revenue account. D) All of the above 5. Double-entry accounting is an accounting system A) That records each transaction twice. B) That records the effects of transactions and other events in at least two accounts with equal debits and credits. C In which each transaction affects and is recorded in two or more accounts but that could include D) That may only be used if T-accounts are used two debits and no credits