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Accounting Chapter 1 and 2 questions with actual answers. $9.39   Add to cart
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Exam (elaborations)

Accounting Chapter 1 and 2 questions with actual answers.
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  • Accounting 101
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  • Accounting 101

Accounting Chapter 1 and 2 questions with actual answers.

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  • August 29, 2024
  • 3
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • accounting chapter 1 and 2 questions with actual a

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  • Accounting 101
  • Accounting 101

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Professorkaylee

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Accounting Chapter 1 and 2 questions
with actual answers.

Posting ANS - Copying data from the journal to the ledger



Receivable ANS - An asset



Debit ANS - Left side of an account



Journal ANS - Record of transactions (data entry)



Expense ANS - Using up an asset in the course of operating a business



Net Income ANS - Revenues-Expenses=



Normal Balance ANS - Side of an account where increases are recorded



Ledger ANS - Book of accounts



Payable ANS - Always a liability



Equity ANS - Assets-Liabilities=



Double Entry System ANS - Record dual effects of each transaction. Ensures errors can be located and
accounting equation balances



Debt Ratio ANS - the proportion of assets financed with debt (total liabilities/Total assets)

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