The accounting cycle? Help please?

Can comeone please help me with accounting?

• Which of the following would represent Net Income? a.Sales > Expenses b. Expenses > Sales c.Assets > Liabilities d.Liabilities > Assets Question 2 (2 points) What is the name of a multicolumn accounting paper used to summarize account balances and prepare financial statements? a.worksheet. b. ledger. c. trial balance. d. balance sheet. Question 3 (2 points) What is a trial balance? a.list of business transactions. b.list of ledger balances. c.list of assets and liabilities. d.list of journals. Question 4 (2 points) What does it mean to void a check? a.Canceling a check because of an error b.filling out a check's information. c.filling out a deposit slip. d.locating it in a bank statement. Question 5 (1 point) The first step in the accounting cycle is collecting and verifying the source document. True False Question 6 (1 point) The period of time during which accounting records are prepared is called the accounting period. True False Question 7 (1 point) The accounting period of six months is called a fiscal year. True False Question 8 (1 point) Posting is the process of transferring information from the ledger to the trial balance. True False Question 9 (1 point) When closing the revenue accounts, the balance of revenue should be debited and the Income Summary account should be credited. True False Question 10 (1 point) The purpose of closing entries is to close or reduce the permanent accounts to zero. True False Question 11 (1 point) Withdrawals by the owner decrease owner’s equity. True False Question 12 (1 point) Working capital is the difference between fixed assets and current assets. True False Question 13 (1 point) Internal controls protect cash. True False Question 14 (1 point) An endorsement is an authorized signature to transfer ownership of a check. True False Question 15 (1 point) An imaged check is a copy of a cancelled check. True False Question 16 (1 point) An ATM is an authorized teller machine. True False Question 17 (1 point) When an error is made while writing a check, the stub is also voided. True False Question 18 (1 point) The process of recording business transactions in a journal is called ledgering. True False Question 19 (1 point) Liquidity refers to the ease with which an asset can be converted to cash. True False Question 20 (2 points) What is the purpose of the general journal? a.to gather source documents b.to post information about financial activities c.to record business transactions into debit and credit parts d.to post business transactions into debit or credit parts as well as determine final balances Question 21 (2 points) What is the purpose of posting to the General ledger? a.to gather source documents b.to post information about financial activities c.to record business transactions into debit and credit parts d.to show current, updated balances of each account Question 22 (2 points) Analyze the following transaction: Carpet Cleaning Specialists wrote a check for $200 to pay for Supplies. Check 1109 What is the name of the account that is credited? a.Cash b.Carpet Cleaning Specialists c.Supplies d.Accounts Payable Question 23 (2 points) When making journal entries on a General Journal, which part of the transaction is written first? a.the name of the account credited b.the source document c.the post reference information d.the name of the account debited Question 24 (2 points) What is the purpose of the Post Ref. column on the General Journal? a.it serves no purpose, leave it blank b.to record the journal page number of the journal you are posting from c.to record the account number of the account you posted to in the ledger d.to record the source document information Question 25. On the worksheet, which accounts are extended to the Income statement section? a.assets, liabilities, and owner’s equity b.only accounts with debit balances c.revenue and expenses d.only accounts with credit balances

• Answer:

  Woa! Dont want to spend my time answering aaaaall these questions.... I'll try my knowledge on the first 5. 1) Net Income is Revenue minus expense. From the options, option a seems to be the closest right answer... 2) Sounds like Trial Balance. 3) Option B surely.... 4) A! 5) True.... for me.... =P Good luck for the rest