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Accounting Final Exam Review Questions & 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. - ANSWERSTrue The capital account is an owner's equity account. - ANSWERSTrue An accounting device used to analyze transactions is a T...

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  • October 27, 2024
  • 7
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • accounting final exam review questions answers
  • accounting final exam review stuvia
  • when financial records for a business and for its
  • the capital account is an owners equity account

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Accounting Final Exam Review
Questions & 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. -
ANSWERSTrue

The capital account is an owner's equity account. - ANSWERSTrue

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

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

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

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

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

Increases in drawing accounts are recorded as credits. - ANSWERSFalse. Increases in
drawing accounts are recorded as debits.

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

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

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

Source document used to record a sale on account. - ANSWERSSales Invoice

Source document giving written acknowledgement for cash received. -
ANSWERSReceipt

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

, A transaction recorded in a journal is not considered a permanent record. -
ANSWERSFalse. 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. -
ANSWERSTrue

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

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

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

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

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

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

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

Separate amounts in general amount columns are not posted individually. -
ANSWERSFalse. Separate amounts in general amount columns are posted individually.

The posting reference should always be recorded in the journal's "Post Ref." column
before accounts are recorded in the ledger. - ANSWERSFalse. The posting reference
should always be recorded in the journal's "Post Ref." column after accounts are
recorded in the ledger.

A check mark in parentheses below a General Debit column total indicates that the total
is not posted. - ANSWERSTrue

With the exception of the totals lines, the "Post. Ref." column is completely filled in with
either an account number or a check mark. - ANSWERSTrue

Ownership of a check cannot be transferred. - ANSWERSFalse. It can be transferred.

When a bank statement is received, the depositor should verify its accuracy
immediately. - ANSWERSTrue

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