Question 1

The final step in the recording process is to

Accepted Answer

A)  analyze each transaction. 
B)  enter the transaction in a journal. 
C)  prepare a trial balance. 
D)  transfer journal information to ledger accounts. 
A)  analyze each transaction. 
B)  enter the transaction in a journal. 
C)  prepare a trial balance. 
D)  transfer journal information to ledger accounts.

Question 2

Prepare a trial balance from the ledger accounts of Attica Company as of January 31, 2010.

Accepted Answer

The answer of Prepare a trial balance from the ledger...

Question 3

If a company has overdrawn its bank balance, then

Accepted Answer

A)  its cash account will show a debit balance. 
B)  its cash account will show a credit balance. 
C)  the cash account debits will exceed the cash account credits. 
D)  it cannot be detected by observing the balance of the cash account. 
A)  its cash account will show a debit balance. 
B)  its cash account will show a credit balance. 
C)  the cash account debits will exceed the cash account credits. 
D)  it cannot be detected by observing the balance of the cash account.

Question 4

Your roommate, a marketing major, thinks that debit means decrease and credit means increase. And, that every account can be debited and credited and as result, every account can have both a debit and a credit balance. Explain to your roommate (1) the meaning of debit and credit; (2) which accounts can only be debited, which can only be credited, and which can be both debited and credited; and (3) which accounts normally have debit balances and which credit balances.

Accepted Answer

The terms debit and credit mean the left

Question 5

At September 1, 2010, Crews Co. reported owner's equity of $136,000. During the month, Crews generated revenues of $20,000, incurred expenses of $12,000, purchased equipment for $5,000 and withdrew cash of $2,000. What is the amount of owner's equity at September 30, 2010?

Accepted Answer

A)  $136,000 
B)  $8,000 
C)  $137,000 
D)  $142,000 
A)  $136,000 
B)  $8,000 
C)  $137,000 
D)  $142,000

Question 6

The process of entering an amount on the left side of an account is called ____________ the account, and making an entry on the right side is called _________________ the account.

Accepted Answer

The answer of The process of entering an amount on...

Question 7

The trial balance will not balance when incorrect account titles are used in journalizing or posting.

Accepted Answer

A) True 
 B)False

Question 8

The account titles used in journalizing transactions need not be identical to the account titles in the ledger.

Accepted Answer

A) True 
 B)False

Question 9

A general ledger should be arranged in the order in which accounts are presented in the financial statements, beginning with the balance sheet accounts.

Accepted Answer

A) True 
 B)False

Question 10

The explanation column of the general ledger

Accepted Answer

A)  is completed without exception. 
B)  is nonexistent. 
C)  is used infrequently. 
D)  shows account titles. 
A)  is completed without exception. 
B)  is nonexistent. 
C)  is used infrequently. 
D)  shows account titles.

Question 11

For each transaction given, enter in the tabulation given below a "D" for debit and a "C" for credit to reflect the increases and decreases of the assets, liabilities, and owner's equity accounts. In some cases there may be a "D" and a "C" in the same box.
Transactions:
1. Owner invests cash in the business.
2. Pays insurance in advance for six months.
3. Pays secretary's salary.
4. Purchases office supplies on account.
5. Pays electricity bill.
6. Borrows money from local bank.
7. Makes payment on account.
8. Receives cash due from customers.
9. Provides services on account.
10. Owner withdraws assets from the business.

Accepted Answer

The answer of For each transaction given, enter in the...

Question 12

Another name for journal is

Accepted Answer

A)  listing. 
B)  book of original entry. 
C)  book of accounts. 
D)  book of source documents. 
A)  listing. 
B)  book of original entry. 
C)  book of accounts. 
D)  book of source documents.

The final step in the recording process is to

Prepare a trial balance from the ledger accounts of Attica Company as of January 31, 2010.

If a company has overdrawn its bank balance, then

At September 1, 2010, Crews Co. reported owner's equity of $136,000. During the month, Crews generated revenues of $20,000, incurred expenses of $12,000, purchased equipment for $5,000 and withdrew cash of $2,000. What is the amount of owner's equity at September 30, 2010?

The process of entering an amount on the left side of an account is called the account, and making an entry on the right side is called _____ the account.

The trial balance will not balance when incorrect account titles are used in journalizing or posting.

The account titles used in journalizing transactions need not be identical to the account titles in the ledger.

A general ledger should be arranged in the order in which accounts are presented in the financial statements, beginning with the balance sheet accounts.

The explanation column of the general ledger

Another name for journal is

Accounting in Action

Adjusting the Accounts

Completing the Accounting Cycle

Accounting for Merchandising Operations

Inventories

Accounting Information Systems

Fraud, Internal Control, and Cash

Accounting for Receivables

Plant Assets, Natural Resources, and Intangible Assets

Current Liabilities and Payroll Accounting

Accounting for Partnerships

Corporations: Organization and Capital Stock Transactions

Corporations: Dividends, Retained Earnings, and Income Reporting

Long-Term Liabilities

Investments

Statement of Cash Flows

Financial Analysis: the Big Picture

Managerial Accounting

Job Order Costing

Process Costing

Cost-Volume-Profit

Incremental Analysis

Budgetary Planning

Budgetary Control and Responsibility Accounting

Standard Costs and Balanced Scorecard

Filters

Exam 2: The Recording Process

The final step in the recording process is to

Prepare a trial balance from the ledger accounts of Attica Company as of January 31, 2010.

If a company has overdrawn its bank balance, then

At September 1, 2010, Crews Co. reported owner's equity of $136,000. During the month, Crews generated revenues of $20,000, incurred expenses of $12,000, purchased equipment for $5,000 and withdrew cash of $2,000. What is the amount of owner's equity at September 30, 2010?

The process of entering an amount on the left side of an account is called ____________ the account, and making an entry on the right side is called _________________ the account.

The trial balance will not balance when incorrect account titles are used in journalizing or posting.

The account titles used in journalizing transactions need not be identical to the account titles in the ledger.

A general ledger should be arranged in the order in which accounts are presented in the financial statements, beginning with the balance sheet accounts.

The explanation column of the general ledger

Another name for journal is

Accounting in Action

Adjusting the Accounts

Completing the Accounting Cycle

Accounting for Merchandising Operations

Inventories

Accounting Information Systems

Fraud, Internal Control, and Cash

Accounting for Receivables

Plant Assets, Natural Resources, and Intangible Assets

Current Liabilities and Payroll Accounting

Accounting for Partnerships

Corporations: Organization and Capital Stock Transactions

Corporations: Dividends, Retained Earnings, and Income Reporting

Long-Term Liabilities

Investments

Statement of Cash Flows

Financial Analysis: the Big Picture

Managerial Accounting

Job Order Costing

Process Costing

Cost-Volume-Profit

Incremental Analysis

Budgetary Planning

Budgetary Control and Responsibility Accounting

Standard Costs and Balanced Scorecard

Filters

The process of entering an amount on the left side of an account is called the account, and making an entry on the right side is called _____ the account.