True or False An account is the detailed

True or False An account is the detailed record of the changes in a particular asset, liability, or owner's equity.

An account is the detailed record of the changes in a particular asset, liability, or owner's equity. TRUE

True or False A chart of accounts is the book (or printout) holding all of the company's accounts.

FALSE A chart of accounts is the book (or printout) holding all of the company's accounts.

True or False A trial balance is the list of all a company's accounts along with their account numbers.

False A trial balance is the list of all a company's accounts along with their account numbers.

True or False A journal is the chronological record of transactions.

True A journal is the chronological record of transactions.

True or False Debit means right and credit means left.

False Debit means right and credit means left.

True or False An asset account is increased by a debit.

True An asset account is increased by a debit.

True or False An owner's equity account is increased by a debit.

False An owner's equity account is increased by a debit.

True or False The first step in recording a transaction in a journal is to identify each account affected and its type (asset, liability, and so forth).

True The first step in recording a transaction in a journal is to identify each account affected and its type (asset, liability, and so forth).

True or False When recording a transaction in a journal, the credit side is entered first, followed by the debit side.

False When recording a transaction in a journal, the credit side is entered first, followed by the debit side.

True or False The process of copying from the journal to the ledger is called posting.

True The process of copying from the journal to the ledger is called posting.

True or False • The normal balance is the balance that appears on the same side as where increases are recorded �either the debit side or the credit side.

True • The normal balance is the balance that appears on the same side as where increases are recorded �either the debit side or the credit side.

True or False A balance sheet is an internal document used only by company insiders.

False A balance sheet is an internal document used only by company insiders.

True or False The general public generally does not see a company's trial balance.

True The general public generally does not see a company's trial balance.

True or False A trial balance summarizes a ledger by listing all the accounts with their balances.

True A trial balance summarizes a ledger by listing all the accounts with their balances.

• Which of the following is the detailed record of the changes in a particular asset, liability, or owner’s equity? • A. LEDGER • B. ACCOUNT • C. TRIAL BALANCE • D. JOURNAL

• Which of the following is the detailed record of the changes in a particular asset, liability, or owner’s equity? • A. LEDGER • B. ACCOUNT • C. TRIAL BALANCE • D. JOURNAL

• Which of the following is THE BOOK (OR PRINTOUT) HOLDING ALL THE ACCOUNTS? • A. LEDGER • B. ACCOUNT • C. TRIAL BALANCE • D. JOURNAL

• Which of the following is the book (or printout) holding all the accounts? • A. LEDGER • B. ACCOUNT • C. TRIAL BALANCE • D. JOURNAL

• Which of the following is the chronological record of transactions? • A. LEDGER • B. ACCOUNT • C. TRIAL BALANCE • D. JOURNAL

• Which of the following is the chronological record of transactions? • A. LEDGER • B. ACCOUNT • C. TRIAL BALANCE • D. JOURNAL

• Which of the following is the list of all the accounts with their balances? • A. LEDGER • B. ACCOUNT • C. TRIAL BALANCE • D. JOURNAL

• Which of the following is the list of all the accounts with their balances? • A. LEDGER • B. ACCOUNT • C. TRIAL BALANCE • D. JOURNAL

• Which of the following is NOT an example of an asset? • A. building • B. cash • C. notes payable • D. accounts receivable

• Which of the following is NOT an example of an asset? • A. building • B. cash • C. notes payable • D. accounts receivable

• Which of the following is NOT an example of owner’s equity? • A. building • B. cash • C. notes payable • D. accounts receivable

• Which of the following is NOT an example of owner’s equity? • A. building • B. cash • C. notes payable • D. accounts receivable

• Which of the following is an asset? A. Service Revenue B. Salary Expense C. Prepaid Expenses D. Accounts Payable

• Which of the following is an asset? A. Service Revenue B. Salary Expense C. Prepaid Expenses D. Accounts Payable

• Which of the following is a liability? A. Service Revenue B. Salary Expense C. Prepaid Expenses D. Accounts Payable

• Which of the following is a liability? A. Service Revenue B. Salary Expense C. Prepaid Expenses D. Accounts Payable

• The accounting process of copying a transaction from the journal to the ledger is which of the following? A. Footing B. Posting C. Journalizing D. Proofing

• The accounting process of copying a transaction from the journal to the ledger is which of the following? A. Footing B. Posting C. Journalizing D. Proofing

A chart of accounts is which of the following? A. B. C. D. A book (or printout) holding all the accounts A list of all the accounts with their balances A chronological record of transactions A list of all the accounts with their account numbers

A chart of accounts is which of the following? A. B. C. D. A book (or printout) holding all the accounts A list of all the accounts with their balances A chronological record of transactions A list of all the accounts with their account numbers

Which of the following accounts increase due to a credit? A. B. C. D. Cash Owner’s capital Accounts receivable Both a & b

Which of the following accounts increase due to a credit? A. B. C. D. Cash Owner’s capital Accounts receivable Both a & b

Which of the following accounts decrease due to a debit? A. B. C. D. Cash Prepaid insurance Interest payable Both a & b

Which of the following accounts decrease due to a debit? A. B. C. D. Cash Prepaid insurance Interest payable Both a & b

A business makes a cash payment of $12, 000 to a creditor. Which of the following occurs? A. B. C. D. Cash is credited for $12, 000 Cash is debited for $12, 000 Accounts payable is credited for $12, 000 Both A & C

A business makes a cash payment of $12, 000 to a creditor. Which of the following occurs? A. B. C. D. Cash is credited for $12, 000 Cash is debited for $12, 000 Accounts payable is credited for $12, 000 Both A & C