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Accounting II Exam questions with actual answers. $9.49   Add to cart
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Accounting II Exam questions with actual answers.
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  • Accounting 101
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  • Accounting 101

Accounting II Exam questions with actual answers.

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  • August 29, 2024
  • 5
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • accounting ii exam questions with actual answers

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  • Accounting 101
  • Accounting 101

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Accounting II Exam questions with
actual answers.

asset ANS - anything of value that is owned



liability ANS - an amount owed by a business



equities ANS - financial rights to the assets of a business



owner's equity ANS - the amount remaining after the value of all liabilities is subtracted from the value
of all assets



accounting equation ANS - equation showing the relationship among assets, liabilities, and owner's
equity; stated as assets = liabilities + owner's equity



double-entry accounting ANS - recording of debit and credit parts of a transaction



journal ANS - a form of recording transactions in chronological order



special journal ANS - journal used to record only one kind of transaction



account ANS - record summarizing all the information pertaining to a single item in the accounting
equation



ledger ANS - group of accounts



general ledger ANS - ledger that contains all accounts needed to prepare financial statements

, subsidiary ledger ANS - a ledger that is summarized in a single general ledger account



controlling account ANS - an account in a general ledger that summarizes all accounts in a subsidiary
ledger



file maintenance ANS - the procedure for arranging accounts in a general ledge, assigning account
numbers, and keeping records current



departmental accounting system ANS - an accounting system showing accounting information for two
or more departments



merchandising business ANS - a business that purchases and sells goods



posting ANS - transferring information from a journal entry to a ledger account



debit memorandum ANS - a form prepared by the customer showing the price deduction taken by the
customer for returns and allowances



contra account ANS - an account that reduces a related account on a financial statement



contra balance ANS - an account balance that is opposite the normal balance



cash discount ANS - a deduction that a vendor allows on the invoice amount to encourage prompt
payment



purchases discount ANS - cash discount on purchases taken by a customer



petty cash ANS - an amount of cash kept on hand and used for making small payments



bank statement ANS - a report of deposits, withdrawals, and bank balance sent to a depositor by a
bank

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