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Ninth Grade (Grade 9) Accounting Questions

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Grade 9 Accounting
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
The percentage of income taxes you must pay as a business owner for a retail business is more than what you are obligated to pay as a service business
  1. True
  2. False
Grade 9 Accounting
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
An accountant for a retail business has to enter A/R (Accounts Recievable), but not A/P (Accounts Payable).
  1. True
  2. False
Grade 9 Accounting
There are 10 total steps in the Accounting Cycle
  1. True
  2. False
Grade 9 Accounting
Repairs of damage to a building your company owns that occurred during a heavy storm is classified as a            incurred            expense.
Grade 9 Accounting
        Taxes        taken in from revenues are the biggest difference between the accounting practices of a retail versus that of a service business.
Grade 9 Accounting
It is acceptable to claim expenses related to a home office if you use it less than 50% of the time that you conduct business activities as a service business.
  1. True
  2. False
Grade 9 Accounting
Briefly explain the difference between the Adjusted Trail Balance and the Post-closing Trial Balance steps of the Accounting Cycle
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