NEW JERSEY INSTITUTE OF TECHNOLOGY MARTIN TUCKMAN SCHOOL OF MANAGEMENT PROFESSOR
ID: 2601027 • Letter: N
Question
NEW JERSEY INSTITUTE OF TECHNOLOGY MARTIN TUCKMAN SCHOOL OF MANAGEMENT PROFESSOR: ANASTASIOS K. PANTELIDIS STUDENT'S NAME: COURSE: Principles of business COURSER: 390 03 FALL SEMESTER 2017 Given on December 18,2017 1. Which of the following is a key step in the accounting cycle? A. Recording information into journals B. Collecting data from customers C. Forecasting expenses and revenues D. Preparing the advertising message 2. The main reason an accountant would conduct a trial balance is to: A. determine whether account figures in the ledger are correct and balanced. B. obtain an estimate of the amount of taxes the firm owes. C. ensure the audit was done correctly D. verify the validity of last year's balance sheet before beginning the next accounting cycle 3. Tyler works as an accountant for a mid-sized retail store. He has just completed a trial balance that resulted in no unexpected problems. Tyler's next task is likely to be: A. conducting the full audit B. preparing a tax return for the companyExplanation / Answer
1
Option “A. recording information into Journals” is correct
As this is the main activity as only after that posting this journals into accounts and making of Trial balance and final accounts can be prepared
2
Option “A determine whether account figure in the ledger are correct and balanced” is correct
As this is the main purpose of the trial balance
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