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Accounting Final Exam Review Questions & Complete Answers.
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When financial records for a business and for its owner's personal belongings are not mixed, this is an application of the Business Entity accounting concept. - Answer True The capital account is an owner's equity account. - Answer True An accounting device used to analyze transactions ...

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  • October 3, 2024
  • 9
  • 2024/2025
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Accounting Final Exam Review
Questions & Complete Answers.
When financial records for a business and for its owner's personal belongings are not mixed, this is an
application of the Business Entity accounting concept. - Answer True



The capital account is an owner's equity account. - Answer True



An accounting device used to analyze transactions is a T account. - Answer True



When cash is paid for supplies, the supplies account is increased by a debit. - Answer True



Increases in expense accounts are recorded as debits because they decrease the owner's capital
accounts. - Answer True



Increases in revenue accounts are recorded as debits because they increase the owner's capital
accounts. - Answer False. Increases in revenue accounts are recorded as credits.



Accounts payable accounts are increased with a debit. - Answer False. Accounts payable accounts are
increased with a credit because they are liabilities.



Increases in drawing accounts are recorded as credits. - Answer False. Increases in drawing accounts
are recorded as debits.



Examples of source documents include: checks, sales invoices, memorandums, and letters. - Answer
False. Source documents include: check, invoice, sales invoice, receipt, memorandum



Source document ordering bank to pay cash from a bank account. - Answer Check



Source document that describes goods or services sold, quantity, and price. - Answer Invoice

, Source document used to record a sale on account. - Answer Sales Invoice



Source document giving written acknowledgement for cash received. - Answer Receipt



Source document on which a brief message is written describing a transaction. - Answer Memorandum



A transaction recorded in a journal is not considered a permanent record. - Answer False. A transaction
recorded in a journal is considered a permanent record.



A journal amount column headed with an account title is a special amount column. - Answer True



The procedure of arranging accounts in a general ledger, assigning account numbers, and keeping
current records is posting. - Answer False. It is file maintenance.



The day of the month is written on each journal page only for the first entry. - Answer False. It is
written for every entry.



A journal page is proved by verifying that the total debits equals the total credits. - Answer True



Posting is transferring information from a journal entry to a ledger account. - Answer True



If the previous account balance and the current entry posted to an account are both debits, the new
account balance is a debit. - Answer True.



The total of the General Credit column is not posted. - Answer True



A ledger that contains all accounts needed to prepare financial statements is a general ledger. - Answer
True

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