Exam 3: Double-Entry Accounting and the Accounting Cycle

The sale of merchandise to a customer partly for cash and partly on account would require which of the following entries?

Which of the following relationships best expresses the double-entry nature of an accounting system?

The process of transferring data from the general journal to the general ledger is called

At the beginning of the fiscal year an entity's permanent and temporary accounts should all have a zero balance.

A list of all the accounts used by the company in its accounting records is referred to as a

When the board of directors declares and pays a $500 dividend,which of the following would be included in the resulting journal entry?

The temporary account used in the closing process is called

All accounts are increased by credits and decreased by debits.

Which statement regarding adjusting entries is not true?

Which of the following results in a debit entry to the account identified?

Which of the following is a listing of all the account balances at a specific point in time?

Which of the following accounting records is in chronological order?

Which of the following accounts normally has a credit balance?

Which of the following transactions would involve a debit to an asset account?

The purchase of land for a combination of cash and issuance of shares would require which of the following entries?

Which of the following accounts would have a balance that carries over from one period to the next?

The chart of accounts is ___.

A net loss occurs when

An income summary account can be used when closing the books.

When an inventory item that cost $75 is sold on account for $100,which of the following would be included in the journal entry recording the cost of goods sold?