Self Assessment Quizzes

CHAPTER 6: Section 1 The Accounting Cycle

	1.	A record of all the transactions of a business is called

		a.	a journal
		b.	a fiscal year
		c.	source document
		d.	the accounting cycle

	2.	A list of specific information about a business transaction involving the buying or selling of an item and containing the date of the transaction, the quantity, description and cost of each item is called

		a.	a receipt
		b.	an invoice
		c.	a journal
		d.	a stub

	3.	An accounting period of twelve months ending on the last day of any month except December is called a

		a.	calendar year
		b.	fiscal year
		c.	season in the sun
		d.	business cycle

	4.	The activities that help a business keep its accounting records in an orderly fashion are collectively called

		a.	the master plan
		b.	the key points
		c.	the accounting cycle
		d.	fashion sense

	5.	Determining the debit and credit parts of each transaction is called

		a.	working the transaction
		b.	thinking critically
		c.	describing the transaction
		d.	analyzing business transactions

	6.	Another term for "recording" a business transaction is

		a.	translating
		b.	dubbing
		c.	transcribing
		d.	journalizing

	7.	A journal may also be called a

		a.	serial journal
		b.	book of original entry
		c.	fiscal journal
		d.	transaction report

	8.	The paper that is prepared when a business transaction occurs is called a

		a.	check stub
		b.	journal
		c.	source document
		d.	memorandum