Exam 2: The Recording Process

An account is a part of the financial information system and is described by all except which one of the following?

The standard form of a journal entry has the

If a revenue account is credited, the revenue account is increased.

The entire group of accounts maintained by a company is called the

Which account below is not a subdivision of retained earnings?

Delta72 Company received a cash advance of $700 from a customer. As a result of this event,

The Dividends account

Which of the following are the same under both GAAP and IFRS?

A credit to a liability account

The recording process becomes more efficient and informative if all transactions are recorded in one account.

A trial balance would only help in detecting which one of the following errors?

The ledger is merely a bookkeeping device and therefore does not provide much useful data for management.

An account will have a credit balance if the

At January 31, 2015, the balance in Aislers Inc.'s supplies account was $750. During February, Aislers purchased supplies of $900 and used supplies of $1,125. At the end of February, the balance in the supplies account should be

During February 2015 its first month of operations, the stockholders of Ariel Pink Enterprises invested cash of $50,000. Ariel had cash revenues of $10,000 and paid expenses of $14,000. Assuming no other transactions impacted the cash account, what is the balance in Cash at February 28?

In deciding whether the U.S. should adopt IFRS, the issue the SEC said should be considered is

The usual sequence of steps in the recording process is to analyze each transaction, enter the transaction in the

The first step in designing a computerized accounting system is the creation of the

When the volume of transactions is large, recording them in tabular form is more efficient than using journals and ledgers.

Which of the following are the same under both GAAP and IFRS?