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1. Question 1:
o Proficient:
• Describe the steps in recording and posting the effects of a business transaction and provide some examples of source

documents used in these steps.
• Define debit and credit and name the types of accounts that are (three correct responses):
• Increased by a debit.
• Decreased by a debit.
• Increased by a credit.
• Decreased by a credit.
o Distinguished:
• Correctly identify all of the types of accounts on the list.

2. Question 2:
o Proficient:
• Which steps in the accounting cycle are performed throughout the accounting cycle?
• Which of the steps in the accounting cycle are performed only at the end of the accounting period?
o Distinguished:
• Many of the steps in the accounting cycle can be performed on a computer with an accounting software package. Research

three of the most commonly used packages and decide which one you would choose if you were starting a small business this

year.

3. Question 3:
o Proficient:
• Why are separate “expense” and “revenue” accounts used when all revenues and expenses could be shown directly in the

retained earnings account?
• Describe three examples of transactions that would affect a firm’s income statement. For each transaction, identify if

the transaction has a positive or negative effect on the firm’s net income.
o Distinguished:
• What is the purpose of the “dividends” account and under what circumstances would this account be increased?
• Under what circumstances would the “dividends” account be decreased?

4. Question 4:
o Proficient:
• Are the following possibilities conceivable in an entry involving only one debit and one credit? Please explain your

response for each item. Provide five or six correct responses:
• Increase a liability and increase an expense.
• Increase an asset and decrease a liability.
• Increase revenue and decrease an expense.
• Decrease an asset and increase another asset.
• Decrease an asset and increase a liability.
• Decrease revenue and decrease an asset.
• Decrease a liability and increase revenue.
o Distinguished:
• Correctly identify all of the items.

5. Question 5:
o Proficient:
• Define the “normal” balance for an account.
• What are the rules of debit and credit for accounts appearing on a firm’s balance sheet?
o Distinguished:
• What are the rules associated with accounts appearing on a firm’s income statement?

Introduction to the Accounting Cycle
1. Describe the steps in recording and posting the effects of a business transaction, names the types of accounts for all items. Provide some examples of source documents used in these steps; define “debit” and “credit”, correctly.

Answer:

2. Name all steps in the accounting cycle that are performed throughout the cycle, which ones are performed only at the end of the accounting period, and research three of the most commonly used accounting software packages.

Answer:

3. Explain why separate “expense” and “revenue” accounts are used, describe three examples of transactions that would affect a firm’s income statement, identify the effect on the firm’s net income, and explain the purpose of the “dividends” account, circumstances for increasing it, and when the account would be decreased.

Answer:

4. Describe if it is conceivable that an entry involves only one debit and one credit and justify the response for all items.

Answer:

5. Define the “normal” balance for an account, the rules of debit and credit for accounts appearing on a firm’s balance sheet, and rules associated with accounts appearing on a firm’s income statement.

Answer:

Introduction to the Accounting Cycle
1. Describe the steps in recording and posting the effects of a business transaction, names the types of accounts for all items. Provide some examples of source documents used in these steps; define “debit” and “credit”, correctly.

Answer:

2. Name all steps in the accounting cycle that are performed throughout the cycle, which ones are performed only at the end of the accounting period, and research three of the most commonly used accounting software packages.

Answer:

3. Explain why separate “expense” and “revenue” accounts are used, describe three examples of transactions that would affect a firm’s income statement, identify the effect on the firm’s net income, and explain the purpose of the “dividends” account, circumstances for increasing it, and when the account would be decreased.

Answer:

4. Describe if it is conceivable that an entry involves only one debit and one credit and justify the response for all items.

Answer:

5. Define the “normal” balance for an account, the rules of debit and credit for accounts appearing on a firm’s balance sheet, and rules associated with accounts appearing on a firm’s income statement.

Answer: