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- Multiple ChoicePlease save your changes before editing any questions.
An account consists of
One part
Two parts
Three parts
Four parts
- Multiple ChoicePlease save your changes before editing any questions.
The recording process occurs
once a year
once a month
repeatedly during the accounting period
infrequently in a manual accounting system
- Multiple ChoicePlease save your changes before editing any questions.
Retained earnings at the end of the period is equal to
Net income
retained earning at the beginning of period + net income - dividends
retained earning at the beginning of period + net income -liabilities
assets + liabilities
- Multiple ChoicePlease save your changes before editing any questions.
A journal provides
the balances for each account
information about a transaction in several different places
a list of all accounts used in the business
a chronological record of transactions
- Multiple ChoicePlease save your changes before editing any questions.
The equity section of a statement of financial position has two components
share capital and liabilities
assets and liabilities
share capital and retained earnings
share capital and assets
- Multiple ChoicePlease save your changes before editing any questions.
Expenses normally show
credit balances
debit balances
debit and credit balances
debit or credit balances
- Multiple ChoicePlease save your changes before editing any questions.
A list of accounts and their balances at a given time is called a(n)
Journal
Ledger
Trial balance
Income statement
- Multiple ChoicePlease save your changes before editing any questions.
An investment of cash by an owner of the business increases assets and
increases equity
Increases liability
Decreases equity
Decreases liability
- Multiple ChoicePlease save your changes before editing any questions.
In recording an accounting transaction in a double-entry system
the number of debit accounts must equal the number of credit accounts
there must always be entries made on both sides of the accounting equation
the amount of the debits must equal the amount of the credits
there must only be two accounts affected by any transaction
- Multiple ChoicePlease save your changes before editing any questions.
The ending retained earnings amount is shown on
the statement of financial position only
the retained earnings statement only
both the income statement and the retained earnings statement
both the statement of financial position & the retained earnings statement