Cards Return to Set Details
| Term Which of the adhering to defines the classification and normal balance of the fees earned account? A. an ascollection through a credit balance B. a licapacity with a credit balance C. an price through a debit balance D. a revenue via a credit balance |
Definition D. a revenue through a credit balance | Term Which of the adhering to types of accounts have actually a normal crmodify balance? A. funding stock and also dividends B. profits and also liabilities C. assets and liabilities D. liabilities and expenses | Definition B. earnings and also liabilities | Term A list of the accounts is called A. T account B. ledger C. debit D. chart of accounts | Definition | Term The classification and also normal balance of the gives expense account is a(n) A. ascollection via a delittle bit balance B. price via a debit balance C. ascollection via a crmodify balance D. liability with a crmodify balance | Definition B. expense through a delittle balance | | Term | Definition | Term Journal entries deserve to have actually even more than two accounts as long as the debits equal the credits. True False | Definition | Term The short article reference notation supplied in the journal is the web page number. True False | Definition | Term A chart of accounts is a listing of accounts that make up the journal. True False | Definition | Term Which of the complying with entries records the receipt of cash for two months" rent? The cash was obtained in advanceof giving the company. A. Prepassist Rent, debit; Rent Revenue, crmodify. B. Cash, debit; Rent Expense crmodify. C. Cash, debit; Unearned Rent, credit. D. Cash, debit; Prepaid Rent, credit. | Definition C. Cash, debit; Unearned Rent, crmodify. | Term The trial balance is out of balance and the accountant suspects that a transplace or slide error has arisen. What will certainly the accountant perform to find the error? A. Determine the amount of the error and also divide by 2, then look for that amount on the trial balance. B. Determine the amount of the error and look for that amount on the trial balance. C. Determine the amount of the error and also divide by nine. If the result is evenly divided, then this form of error is likely. D. Determine the amount of the error and describe the journal entries for that amount. | Definition C. Determine the amount of the error and divide by nine. If the outcome is evenly divided, then this kind of error is likely. |
| Term Randomly listed below are the measures for preparing a trial balance: (1) Verify that the total of the Delittle bit column equals the total of the Credit column. (2) List the accounts from the ledger and also enter their delittle bit or credit balance in the Debit or Credit column of the trial balance. (3) List the name of the agency, the title of the trial balance, and also the date the trial balance is ready. (4) Total the Debit and also Crmodify columns of the trial balance. What is the proper order of these steps? A. (3), (2), (4), (1) B. (2), (3), (4), (1) C. (3), (2), (1), (4) D. (4), (3), (2), (1) | Definition | Term Which of the complying with entries records the payment of rent for the present month? A. Rent Expense, debit; Cash, credit B. Cash, debit; Rent Expense, credit C. Rent Expense, debit; Accounts Receivable, credit D. Accounts Payable, debit; Rent Expense, credit | Definition A. Rent Expense, debit; Cash, credit | Term An account is sassist to have a debit balance if A. tright here are even more entries on the delittle side than on the crmodify side B. tright here are even more entries on the crmodify side than on the delittle bit side C. the amount of the debits exceeds the amount of the credits D. the first entry of the accountancy period was posted on the delittle bit side | Definition C. the amount of the debits exceeds the amount of the credits | Term Which of the adhering to statements is not true around liabilities? A. Liabilities are debts owed to outsiders. B. Receiving cash before a business is performed creates a licapacity. C. Account titles of liabilities regularly incorporate the term “payable.” D. Liabilities carry out not include wperiods owed to employees of the agency. | Definition D. Liabilities execute not encompass wperiods owed to employees of the company. | Term Retained income will be diminished by every one of the complying with except A. revenues B. expenses C. dividends D. every one of these | Definition | Term Which among the statements listed below is not a function for the journal? A. to present boosts and also decreases in accounts B. to show a complete transactivity in one place C. to aid posting transactions to ledger D. to present a chronological order by date | Definition A. to display boosts and also decreases in accounts | Term Which of the adhering to accounts increase via a credit? A. resources stock, revenues, expenses B. assets, resources stock, revenues C. liabilities, resources stock, revenues D. kept revenue, funding stock, assets | Definition C. liabilities, resources stock, revenues | Term Which of the following group of accounts are enhanced through a debit? A. assets, profits, expenses B. assets, liabilities, revenues C. assets, dividends, expenses D. assets, liabilities, stockholders’ equity | Definition C. assets, dividends, expenses | Term Revenue must be recognized when A. the customer charges an order B. the service is performed C. the customer places an order D. cash is received | Definition B. the service is performed | Term The totals at the bottom of the trial balance and also the totals at the bottom of the balance sheet both display equality and balancing, and also therefore need to be equal. True False | Definition | Term The cash account will certainly always be debited True False | Definition | Term The erroneous arrangement of digits, such as writing $45 as $54, is called a slide. True False | Definition | | Term | Definition | Term The unearned revenues account is an instance of a liability.
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