Multiple Choice
The term "double- entry accounting" indicates that the accountant:
A) uses both the general journal and the general ledger when recording transactions.
B) computes the income statement and balance sheet effect of each transaction.
C) records both sides of each transaction in the accounts affected.
D) identifies both the cash inflows and the cash outflows.
Correct Answer:
Verified
Correct Answer:
Verified
Q105: The retained earnings account represents the excess
Q106: Posting accounting transactions avoids the necessity of
Q107: The purchase of office computers for cash
Q108: The purchase of an automobile involving a
Q109: A chart of accounts is:<br>A)a list of
Q110: The normal balance of Dividends is a
Q112: A trial balance is:<br>A)a list of balance
Q113: Assets, owners' equity and dividends are all
Q114: The normal balance of the Dividends account
Q115: A business purchases a truck by signing