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What is an example of an account classification?




1. What is an example of an account classification?;Supplies.;Asset.;Office equipment.;Rent Expense.;2. What is an example of an account title?;Liability.;Owners' equity.;Revenue.;Rent Expense.;3. The normal balance side of any account is also its;decrease side.;entry side.;increase side.;either side.;4. For the transaction 'paid cash for office supplies,' the accounts affected would be;Cash Debit and Office Supplies Credit.;Office Supplies Debit and Cash Debit.;Office Supplies Debit and Cash Credit.;Prepaid Insurance debit and Cash Credit.;5. How are accounts in the General Ledger numbered?;By account classification.;By where they appear in the alphabet.;By how many times they are affected each month.;By random numbering (no particular order).;6. A Balance Sheet proves that;all the transactions have been entered in the General Ledger.;the debits and credits equal in the General Ledger.;the numbering of accounts in the General Ledger is correct.;the account classifications are out of order in the General Ledger.;7. The General Ledger is a book of;expenses.;customers.;accounts.;vendors.;8. When you post items from the Journal, you;total all the Journal columns.;transfer transactions from the Journal to the General Ledger accounts.;figure the account balances.;rearrange the order of the accounts in the General Ledger.;9. In the General Ledger, how are expense accounts and liabililty accounts arranged?;Chronologically;Alphabetically within their own classification;Numerically;In no particular order;10. How are accounts in the Accounts Payable Ledger arranged?;Chronologically;Numerically;Alphabetically;By the amount they owe your business


Paper#27430 | Written in 18-Jul-2015

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