Accounting and Finance Foundations

Unit 6

Accounting and Finance Foundations Unit 6: Journalizing 463

Journalizing

Chapter 6

Name: _______________________________________________________________ Date: _________________

16.1.1 Another Look at the Accounting Cycle

1. What are the 8 steps of the accounting cycle?


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10. The __ is the day-to-day record of business transactions, listed in the order in
    which the transactions occurred.


11. Because the general journal is where business transactions are initially recorded, it is also sometimes
    referred to as the __.


12. Entering business transactions in the general journal is called __.


13. The general ledger includes __ , which are used to simplify the primary ledger
    and keep track of specific types of business transactions.


14. The general ledger is often referred to as the __ because it is the source of data
    for company financial statements.


15. The __ lists all the debit and credit balances for a specific accounting period.


16. __ are recorded at the end of an accounting period to adjust general ledger
    accounts.


17. __ have eliminated the use of physical book ledgers as well as some of the
    manual recording of business transactions in the general journal and the posting of these business
    transactions into the general ledger.


18. __ is certainly a more efficient way of doing business, but technology does not
    always possess the judgment or logic to find mistakes.

Student Assignment

Chapter 16