Journalizing transaction - Study guides, Class notes & Summaries

Mortuary Management I Quiz 2 What is an accounting cycle - Answer- For each accounting period the process that begins the recording of business transactions or procedures into a journal and ends with the completion of a post-closing trial balance what is an accounting period? - Answer- The period of time which an income statement is prepared What is calendar year? - Answer- The 12 month period a business chooses for its accounting year. Usually between January 1st- December 31st What...

Survey of Accounting Exam Questions Answered Correctly Latest Update 2024 (Already Passed) accounting - Answers a system that collects and processes (analyzes, measures, and records) financial information about an organization and reports that information to decision makers Sole Proprietorship - Answers A business owned by one person Partnership - Answers a business owned by at least two people Coroporation - Answers type of business organization that is owned by stockholders Limited Liab...

Accounting - Answer A process of identifying, recording and communicating Identifying - Answer The accountant analyzes each business transaction and identifies whether the transaction is an "accountable event" or "non-accountable event." Accountable events - Answer those that affect the assets, liabilities, equity, income or expenses of a business Recording - Answer The accountant recognizes the identified accountable events. This process is called journalizing. Account - Answer The b...

MBA 510 Test 1 With Complete Questions and Answers 100% Correct Accounting Information and measurement systems that identifies, records, and communicated relevant information about a companies business activities. recordkeeping/bookkeeping the recording of transactions and events. Financial accounting focuses on the needs of external users managerial accounting focuses on the needs of internal users External Users do not directly run the organization and have limited access to its...

MBA 510 Test 1 With Complete Questions and Answers 100% Correct Accounting Information and measurement systems that identifies, records, and communicated relevant information about a companies business activities. recordkeeping/bookkeeping the recording of transactions and events. Financial accounting focuses on the needs of external users managerial accounting focuses on the needs of internal users External Users do not directly run the organization and have limited access to its...

Questions 1. The basic shortcut device of accounting is the T-account. It resembles the letter T, and its left side is called the debit side and its right side the credit side. 2. The statement is false because debit means left and credit means right. Debits and credits are used to record increases and decreases in accounts, so debits can be increases or decreases depending on the type of account involved and likewise for credits. 3. Examples: a. A debit to an asset account indicates an ...

Accounting Cycle Actual Exam Questions With All Correct Answers Accounting process - ANSWER- is a sequence of interrelated procedures. Its primary purpose is to produce the entity's financial statements for a given reporting period Accounting cycle - ANSWER- refers to a series of sequential steps or procedures performed to accomplish the accounting process. Chart of Accounts - ANSWER- It is a list of account titles with corresponding account codes used by the business. This list guides...

account - answer-An accounting form that is used to record the increases and decreases in each financial statement item. account receivable - answer-A claim against the customer created by selling merchandise or services on credit. assets - answer-The resources owned by a business. balance of the account - answer-The amount of the difference between the debits and the credits that have been entered into an account. chart of accounts - answer-A list of the accounts in the ledger. c...

ACCT-212 Week 2 Quiz – 100% Correct Answers – Graded An A+ (TCO 2) When a business purchases land on account both assets and stockholders' equity are increased. assets are decreased and stockholder's equity is increased. both assets and liabilities are increased. assets are increased and liabilities are decreased. Flag this Question (TCO 2) Which of the following transactions will increase one asset and decrease another asset? The purchase of office supplies on account. The performance of ...

Accounting Comprehensive Exam Review | latest with questions and answers | 100% verified A device for recording the changes (increases or decreases) in the fundamental accounting elements. - Account The process involved in journalizing, posting to the ledger, taking a trial balance, preparing statements, making adjusting and closing entires, and preparing a post-closing trial balance. - Accounting cycle Which of the following terms is defined as an unwritten promise by a customer to pay,...