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Ninth Grade (Grade 9) Accounting Questions

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Grade 9 :: Accounting by cwall78
Which of the following is the first step in the Accounting Cycle?
  1. Journal entries
  2. Analyze the transaction
  3. Identify the transaction
  4. Post to ledger
  5. None of the above
Grade 9 :: Accounting by cwall78
An "real-world" example of an Adjusted Entry in the accounting cycle for a service related business would be
  1. A bill that your company doesn't pay
  2. A bill that a client doesn't pay
  3. Both a & b
  4. Neither a or b
Grade 9 :: Accounting by cwall78
There are 10 total steps in the Accounting Cycle
  1. True
  2. False
Grade 9 :: Accounting by cwall78
Briefly explain the difference between the Adjusted Trail Balance and the Post-closing Trial Balance steps of the Accounting Cycle
  • Adjusted Trail Balance can be calculated directly after adjusting entries are made, but before the closing entries are made. The Post-closing Trail Balance must be calculated after all other steps of the cycle have been completed.
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