Journalizing a transaction involves ________. A) calculating the balance in an account using journal entries B) posting the account balances in the chart of accounts C) preparing a summary of account balances D) recording the data only in the journal ANSWER D
Date: September 2nd, 2020
When a business makes a cash payment, the Cash account is debited. Indicate whether the statement is true or false ANSWER FALSE
Date: September 2nd, 2020
Posting a transaction means ________. A) calculating the balance in an account B) transferring data from the journal to the ledger C) preparing a summary of account balances D) finding the account number in the chart of accounts ANSWER B
Date: September 2nd, 2020
Which of the following assumes that financial statements of a business can be prepared for specific periods? A) matching principle B) revenue recognition principle C) time period concept D) adjusting entry principle ANSWER C
Date: September 2nd, 2020
Which of the following accounting elements does the matching principle help to match? A) revenues and liabilities B) expenses and assets C) expenses and revenues D) expenses and liabilities ANSWER C
Date: September 2nd, 2020
Source documents provide the evidence and data for accounting transactions. Indicate whether the statement is true or false ANSWER TRUE
Date: September 2nd, 2020
Which of the following is a source document that provides the evidence and data for accounting transactions? A) Journal B) Sales invoice C) Ledger D) Trial balance ANSWER B
Date: September 2nd, 2020
The matching principle is also called the ________. A) adjusting entry concept B) revenue recognition principle C) expense recognition principle D) time period concept ANSWER C
Date: September 2nd, 2020
The process of transferring data from the ledger to the journal is called posting. Indicate whether the statement is true or false ANSWER FALSE
Date: September 2nd, 2020
To match expenses against revenues means to ________. A) add expenses incurred during one period from revenues earned during that same period B) subtract expenses incurred during one period from revenues earned during the previous period C) add expenses incurred during one period from revenues earned during the previous period D) subtract expenses incurred during […]
Date: September 2nd, 2020
