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Chapter 2--Analyzing Transactions

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Question;1. Accounts;are records of increases and decreases in individual financial statement;items.;True False;2. A;chart of accounts is a listing of accounts that make up the journal.;True False;3. The;chart of accounts should be the same for each business.;True False;4. Accounts;payable are accounts that you expect will be paid to you.;True False;5. Consuming;goods and services in the process of generating revenues results in;expenses.;True False;6. Prepaid;expenses are an example of an expense.;True False;7. Unearned;Revenues account is an example of a liability.;True False;8. The;Drawings account is an example of an expense.;True False;9. Accounts;in the ledger are usually maintained in alphabetical order.;True False;10. Depending;on the account title, the right side of the account is referred to as the credit;side.;True False;11. To;determine the balance in an account, always subtract credits from debits.;True False;12. The;double-entry accounting system records each transaction twice.;True False;13. The;increase side of all accounts is the normal balance.;True False;14. Transactions;are initially entered into a record called a journal.;True False;15. The;process of recording a transaction in the journal is called journalizing.;True False

 

Paper#55141 | Written in 18-Jul-2015

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