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BMCC Accounting Chapter 3 Practice Problems Graded A+
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BMCC Accounting Chapter 3 Practice Problems Graded A+ What is the purpose of a trial balance in accounting? The purpose of a trial balance is to ensure that total debits equal total credits, verifying the accuracy of the ledger entries before preparing financial statements. How do you de...

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  • October 15, 2024
  • 7
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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BMCC Accounting Chapter 3 Practice
Problems Graded A+

What is the purpose of a trial balance in accounting?


✔✔The purpose of a trial balance is to ensure that total debits equal total credits, verifying the

accuracy of the ledger entries before preparing financial statements.




How do you determine the ending balance of an account?


✔✔To determine the ending balance of an account, you start with the beginning balance, add

any debits, and subtract any credits during the accounting period.




What is the difference between cash and accrual accounting?


✔✔Cash accounting recognizes revenues and expenses when cash is actually received or paid,

while accrual accounting recognizes them when they are earned or incurred, regardless of cash

flow.




How would you record a sale of goods for cash in the journal?


✔✔To record a sale of goods for cash, you would debit the Cash account and credit the Sales

Revenue account, reflecting the increase in cash and the revenue earned.



1

, What happens to the accounting equation when liabilities increase?


✔✔When liabilities increase, either assets must also increase, or owner's equity must decrease,

maintaining the balance of the accounting equation: Assets = Liabilities + Owner’s Equity.




How is the cost of goods sold calculated?


✔✔The cost of goods sold is calculated by adding the beginning inventory to purchases made

during the period and then subtracting the ending inventory.




What is the significance of adjusting entries at the end of an accounting period?


✔✔Adjusting entries are significant because they ensure that revenues and expenses are

recognized in the correct period, complying with the matching principle and providing accurate

financial statements.




How would you record accrued expenses in the journal?


✔✔To record accrued expenses, you would debit the appropriate expense account and credit the

Accrued Liabilities account, recognizing the expense incurred but not yet paid.




What is a general ledger, and how does it differ from a trial balance?


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