Questions and answers by

Dontillia

Questions (1,014)

a(n)______shows the total amounts for assets, liabilities, equity, revenues, and expenses.
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The primary purpose of the trial balance is to __________.prepare source documents prepare financial statements ensure that the
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A business had $10,000 in its cash account. The business then made a payment of $135 for a utility bill and paid $175 for
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The information in a firm’s financial statement comes from the_________.
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The information in a firm’s financial statement comes from the.
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An increase to __________ is entered as a debit on a T account.liabilities revenue owner's capital drawing accounts
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An increase to __________ is entered as a credit on a T account.owner's capital expenses assets drawing accounts
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Which of the following is true?A T account is a system of predicting account balances. The T account method is optional. The T
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A(n)________shows the total amounts for assets, liabilities, equity, revenues, and expenses.
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A(n)shows the total amounts for assets, liabilities, equity, revenues, and expenses.
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2. 16 views
An increase to __________ is entered as a debit on a T account.liabilities drawing accounts revenue owner's capital
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The primary purpose of the trial balance is to __________.prepare financial statements ensure that the individual amounts on the
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After the income statement is prepared, it is time to complete the, which provides information on how much capital the company
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An increase to __________ is entered as a credit on a T account.
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A business had $5,000 in its cash account. The business then made a payment of $125 for a utility bill and paid $200 for
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What is the key equation to remember regarding the income statement?Liabilities = Retained earnings – Assets Net income =
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________are posted to accounts in the general ledger based on information from the journal, and they should be easily traced to
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Jonathan has a lawn care business. He adds all of the debits on the left side, and then adds the credits on the right. He then
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Ensuring that a company's books are accurate and up-to-date is especially important for publicly traded companies because they
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Ensuring that a company's books are accurate and up-to-date is especially important for publicly traded companies because they
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What statement is true regarding T accounts?T accounts reflect increases and decreases in a single account. Debits are on the
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The totals on the debit side and the credit side of the T account are called________.
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Accountants use T accounts to analyze transactions. What is one of the three major parts of T accounts?Stocks Credits Bonds
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How do you find the account balance of a T account?Combine the total number of debits with the total number of credits. Add
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What is true about posting to the general ledger?It is completed before analyzing the transactions. It involves double-checking
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__________accounting represents the fact that every transaction has a dual effect on the accounting equation.
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Accountants use T accounts to analyze transactions. What is one of the three major parts of T accounts?Bonds Statements Title
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________are porsted to accounts in the general ledger based on information from the journal, and they should be easily traced to
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_________accounting represents the fact that every transaction has a dual effect on the accounting equation.
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accounting represents the fact that every transaction has a dual effect on the accounting equation.
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The totals on the debit side and the credit side of the T account are called_______.
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The totals on the debit side and the credit side of the T account are called.
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What statement is true regarding T accounts?T accounts are used only for assets. Debits are on the left, and credits are on the
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A__________should also be added to the journal to confirm that the entry was added to the ledger. This should show the number of
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Ashould also be added to the journal to confirm that the entry was added to the ledger. This should show the number of the
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What is true about posting to the general ledger?It involves double-checking the journal and is not necessary. It is an optional
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s / are the value remaining in a company after all of the liabilities have been paid.
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In double-entry accounting, every transaction is recorded in what way?Dividend Immediate profit Credit Counterbalance
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A journal is also called __________.a journal entry the book of original entry double-entry accounting the audit trail
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When a liability is to be paid within 1 year, it is a __________.contra account current liability current asset long-term
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A contra account __________.is a separate account that synchronizes with the original account to show the decrease in value
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he normal balance of an account is __________.the increase side of the account the decrease side of the account entering the
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hat is true?Equity is the value of a company before obligations are paid. Liabilities are the value of a company before
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The cash of a business is increased due to a customer paying for services rendered. How should you journalize this transaction?D
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What calculation should be used to determine liabilities?
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What calculation should be used to determine liabilities?Liabilities = Profits - Net Losses
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A journal is also called __________.a journal entry the book of original entry the audit trail double-entry accounting
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The normal balance of an account is __________.the increase side of the account crediting the affected account(s) the decrease
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In double-entry accounting, every transaction is recorded in what way?Dividend Refund Credit Counterbalance
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s / are the value remaining in a company after all of the liabilities have been paid.
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When a liability is to be paid within 1 year, it is a __________.
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What is true?Liabilities are the value of a company before obligations are paid. Equity is the value of a company before
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Once the transaction has been recorded as a journal entry in the general journal, the transaction's amount is posted to the.
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What is a step in the accounting cycle?Researching demographics Making five-year projections Summarizing the effects of
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A general ledger __________.is a book in which transactions that increase or decrease a company's accounts are recorded is often
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The journal is a tool that is used during transactional analysis. What statement is true regarding the advantages of the
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Why is the general journal beneficial to accounting?
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Why is the general journal beneficial to accounting?It can determine whether the correct account(s) is/are affected. It shows
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The accounting cycle involves what activity?Recording the transactions of a business Revisiting the transactions of a business
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The first step in the accounting cycle involves entering transactions into a.
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The accounting cycle is used to __________ financial information.double subtract expand measure
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Each adjusting entry will always affect __________.only the balance sheet accounts at least one balance sheet account and one
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A journal is a __________.document that lists the accounts that a company uses book in which transactions that increase or
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What is a step in the accounting cycle?Forecasting sales Determining sales markets Summarizing the effects of transactions
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Each adjusting entry will always affect __________.only the income statement accounts at least one income statement account and
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A journal is a __________.summary of the balances of all of the accounts that are used in a company statement that shows that
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A journal is a __________.
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Why is the general journal beneficial to accounting?It ensures that the dollar amount is correct. It is easy to determine
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The first step in the accounting cycle involves entering transactions into a______
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A general ledger __________.is often called the book of original entry is a document that contains financial information used in
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The journal is a tool that is used during transactional analysis. What statement is true regarding the advantages of the
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The ledger is __________.proof that a transaction has taken place a numeric listing of all accounts a summary of the balances of
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One important aspect of the general ledger is that it shows the current balances in the company's accounts, such as cash
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What is an example of internally generated documents?Vendor invoices Bank statements Customer invoices Customer reviews
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hat statement is true?Bank deposits are externally generated documents that must not be reported in the general ledger.
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Invoices received from suppliers must provide information about what?Purchases of goods or services Sales of goods Cash payments
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Subsidiary accounts are __________.posted directly on the financial statements entered in the main accounts created externally
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What is posting?The process of copying a transaction from the journal to the general ledger The process of closing the books The
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What is posting?
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Business papers—such as checks, invoices, receipts, letters, and memos—that furnish proof that a transaction has taken place
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What is an example of externally generated documents?Invoices Vendor invoices Subsidiary accounts Ledgers
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Subsidiary accounts are __________.posted directly on the financial statements used to post transactions to specific areas
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Subsidiary accounts are __________.
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What statement is true?Externally generated documents must be reported in the general ledger to ensure accurate information.
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What is an example of internally generated documents?Customer reviews Bank statements Vendor invoices Customer invoices
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What is an example of internally generated documents?
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The primary ledger containing all of the balance sheet and income statement accounts is the __________ ledger.
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What is posting?The process of summarizing transactions in the general ledger The process of listing transactions The process of
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The individual accounts with customers are included in a subsidiary ledger called the __________ ledger.
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Invoices received from suppliers must provide information about what?Cash receipts Purchases of goods or services Sales of goods
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What happens if an individual asset is increased?
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What happens if an individual asset is increased?An elimination of liability A decrease in revenue A reduction of salaries An
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When recording transactions, what is increased by debits and decreased by credits?Liabilities Assets Revenues Retained earnings
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What is one of the five general types of accounts in a company’s chart of accounts?Liabilities Loss Principal value
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Mary Ann Powers is starting her computer programming business and deposited as an investment $25,000 into the business checking
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What is one of the basic steps in the recording process?Compare revenues to assets Subtract liabilities from the total revenue
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Together, all of a company’s accounts make up its_______.
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When recording transactions, what is increased by credits and decreased by debits?Assets Expenses Revenues Dividends
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Mary's company received the electric bill for the month and paid by check. What is the effect on the accounting equation?Increas
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What is an example of an entry that records the payment of salaries by a business?Debit salary expense and credit cash Debit
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