Reference no: EM133003823

Problem 1: The sequence of steps a company's accounting system goes through each Accounting Period is called:

a. the Accounting Cycle

b. the Accounting Journal

c. the Accounting Ledger

d. the Accounting Trial Balance

e. none of the above

Problem 2: Transactions are entered into the General Journal:

a. with the largest transaction occurring during the Accounting Period always entered first in date order

b. in random order

c. transactions are not entered in the General Journal

d. none of the above

Problem 3: For each entry in the General Journal:

a. there can only be two accounts used per journal entry

b. the number of accounts being debited - must equal the number of accounts being credited

c. entries are not made in the General Journal

d. the total dollar amount of the debits - and the total dollar amount of the credits - must always be equal

e. none of the above