A chart of accounts is a detailed record of the changes in a particular asset, liability, or equity account during a specified period. Indicate whether the statement is true or false ANSWER FALSE
Date: September 2nd, 2020
Which of the following is provided in a typical chart of accounts? A) Account balance B) Account number C) Dates of transactions D) Transaction amounts ANSWER B
Date: September 2nd, 2020
A listing of all accounts in numerical order is called a(n) ________. A) Ledger B) Journal C) Income statement D) Chart of accounts ANSWER D
Date: September 2nd, 2020
Companies use a ledger to show all of the increases and decreases in each account along with their balances. Indicate whether the statement is true or false ANSWER TRUE
Date: September 2nd, 2020
Liabilities are economic resources that are expected to benefit the business in the future. Indicate whether the statement is true or false ANSWER FALSE
Date: September 2nd, 2020
A chart of accounts provides more detail than a ledger. Indicate whether the statement is true or false ANSWER FALSE
Date: September 2nd, 2020
A payable involves a future receipt of cash. Indicate whether the statement is true or false ANSWER FALSE
Date: September 2nd, 2020
A chart of accounts is a list of all of a company’s accounts with their account numbers. Indicate whether the statement is true or false ANSWER TRUE
Date: September 2nd, 2020
Unearned revenue is a liability account. Indicate whether the statement is true or false ANSWER TRUE
Date: September 2nd, 2020
Dividends and expenses increase equity. Indicate whether the statement is true or false ANSWER FALSE
Date: September 2nd, 2020
