Recording Process, Accounting

Recording Process

Question: Which of following statements about an account is true?
A
In its simple form, an account consists of two parts.

B
An account is an individual accounting record of increases and decreases in specific asset, liability and owner's equity items.

C
There are separate accounts for specific assets and liabilities but only one account for owner's equity items.

D
The left side of an account is the credit or decrease side.

Note: Not available
1. Report
Question: Debits:
A
Increase both assets and liabilities.

B
Decrease both assets and liabilities.

C
Increase assets and decrease liabilities.

D
Decrease assets and increase liabilities.

Note: Not available
1. Report
Question: A revenue account:
A
is increased by debits

B
is decrease by credits.

C
has a normal balance of a debit.

D
is increased by credits.

Note: Not available
1. Report
Question: Accounts that normally have debit balance are:
A
Assets, expense and revenues.

B
Assets, expense and owner's capital.

C
Assets, liabilities and owner's drawings.

D
Assets, owner's drawing and expenses.

Note: Not available
1. Report
Question: Which of the following statement is not part of the recording process?
A
Analyzing transactions.

B
Preparing a trial balance.

C
Entering transactions in a journal.

D
Posting transaction.

Note: Not available
1. Report
Question: Which of the following statement about a journal is false?
A
It is not a book of original entry.

B
It provides a chronological record of transaction.

C
It helps to locate errors because the debit and credit amounts for each entry can be readily compared.

D
It discloses in one place the complete effect of a transaction.

Note: Not available
1. Report
Question: A ledger:
A
contains only asset and liability accounts;

B
should show accounts in alphabetical order.

C
is a collection of the entire group of accounts maintained by a company.

D
is a book of original entry.

Note: Not available
1. Report
Question: Posting:
A
normally occurs before journalizing.

B
transfer ledger transaction data to the journal.

C
is an optional step in the recording process.

D
transfers journal entries to ledger accounts.

Note: Not available
1. Report
Question: A trial balance:
A
is a list of accounts with their balances at a given time.

B
proves the mathematical accuracy of journalized transactions.

C
will not balance if a correct journal entry is posted twice.

D
proves that all transaction have been recorded.

Note: Not available
1. Report
Question: A trial balance will not balance if:
A
a correct journal entry is posted twice.

B
the purchase of supplies on account is debited to supplies and credited to cash.

C
a $100 cash drawing by the owner is debited to owner's drawing for $1000 and credited to cash for $100.

D
a $450 payment on account is debited to accounts payable for $45 and credited to cash for $45.

Note: Not available
1. Report

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Question: Which of following statements about an account is true?

Question: Debits:

Question: A revenue account:

Question: Accounts that normally have debit balance are:

Question: Which of the following statement is not part of the recording process?

Question: Which of the following statement about a journal is false?

Question: A ledger:

Question: Posting:

Question: A trial balance:

Question: A trial balance will not balance if: