Louisiana State University, Shreveport ACCT 701 Chapter 3 Self-Test TRUE/FALSE QUESTIONS 1)All of the steps in the accounting cycle are performed only at the end of the accounting period

Louisiana State University, Shreveport

ACCT 701

Chapter 3 Self-Test

TRUE/FALSE QUESTIONS

1)All of the steps in the accounting cycle are performed only at the end of the accounting period.

2. A transaction must be journalized in the journal before it can be posted to the ledger accounts.
3. The left side of any account is the credit side.
4. Revenues, liabilities, and capital stock accounts are increased by debits.
5. The dividends account is increased by debits.
6. If the trial balance has equal debit and credit totals, it cannot contain any errors.