Homework Answers
| Ans. | ||||||
| Accounting Terms | Definitions | |||||
| Account | A detailed record of all increases and decreases that have occurred in a particular | |||||
| asset, liability or equity during a period. | ||||||
| Ledger | The record holding all the accounts of business, the changes in those accounts and | |||||
| their balances. | ||||||
| Compound journal entry | A journal entry that is characterized by having multiple debits and / or | |||||
| multiple credits. | ||||||
| Journal | A record of transactions in date order. | |||||
| Debit | Left side of a T - account. | |||||
| Normal balance | Side of an account where increases are recorded. | |||||
| Posting | Transferring amounts from the journal to the ledger. | |||||
| Credit | Right side of a T - account. | |||||
| Trial balance | A list of all accounts with their balances at a point in time. | |||||
| Chart of accounts | A list of all accounts with their account numbers. | |||||
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1. Match the accounting terms with the corresponding definitions. (Click the icon to view the accounting...
Homework: Chapter 2, Part 1 Score: 0 of 2 pts E2-10 (book/static) 7 of 10 (2...
Homework: Chapter 2, Part 1 Score: 0 of 2 pts E2-10 (book/static) 7 of 10 (2 complete) HW Score: 14.2 Que est Match the accounting terms with the corresponding definitions. (Click the icon to view the accounting terms.) More Info A detailed record of asset, liability, or eq The record holding a v a. ar 1. Posting b. and their balances c. A journal entry that d. A record of transacti e. Left side of a T-acco 3. Debit 4....
Match Terms PART IV TABLE COMPLETION (10 Points) Match the following terms with the definitions or...
Match Terms
PART IV TABLE COMPLETION (10 Points) Match the following terms with the definitions or statements listed below. Indicate your answers in the spaces provided. a. b. C. i. Accounting cycle Accounting period Adjusting Book value Cross-referencing General journal g. Posting h. Residual value Slide j. Transposition k. Trial balance Worksheet d. e. f. I. Answer 1. A multi-column form used by accountants as an aid in gathering data to complete the accounting cycle. 2. An informal listing of...
tlons: Match each of the statements below with its proper terms may not be used Some...
tlons: Match each of the statements below with its proper terms may not be used Some A. account B. assets C. balance of the account D. chart of accounts E. credits F. debits G. double-entry accounting H. drawing O. liabilities P. materiality concept Q. objectivity concept R. owner's equity S. posting T. revenues U. slide V. T account W. transposition X. trial balance J. horizontal analysis K. journal L. journal entry M. jounalizing Y. two-column journal Z uneaned revenue AA....
0 Match the accounting terminology to the definitions. (Click the icon to view the definitions.) More...
0 Match the accounting terminology to the definitions. (Click the icon to view the definitions.) More Info - X a. 1. Sarbanes-Oxley Act 2. Internal control 3. Encryption 4. Separation of duties 5. Internal auditors b. Organizational plan and all the related measures adopted by an entity to safeguard assets, encourage employees to follow company policies, promote operational efficiency, and ensure accurate and reliable accounting records. Employees of the business who ensure that the company's employees are following company policies...
Definitions - X Match the accounting terminology to the definitions. (Click the icon to view the...
Definitions - X Match the accounting terminology to the definitions. (Click the icon to view the definitions.) 1. Conservatism 2. Materiality concept 3. Disclosure principle 4. Consistency principle a. A business should report the least favorable figures in the financial statements when two or more possible options are presented. b. A business's financial statements must report enough information for outsiders to make knowledgeable decisions about the company C. A business should use the same accounting methods and procedures from period...
Ма E2.2 (LO 1, 2, 3, 4) K Here are some of the concepts discussed in...
Ма E2.2 (LO 1, 2, 3, 4) K Here are some of the concepts discussed in the chapter: 5. Debit 9. Posting 1. Account 6. Journal 10. Trial balance 2. Analyzing transactions 3. Chart of accounts 7. Journalizing 4. Credit 8. Ledger Instructions Match each concept with the best description below. Each concept may be used more than once, or may not be used at all. The normal balance for liabilities The first step in the recording process The procedure...
Chapter 2 LO 1, 2, 3, 4, 5 S2-16. (Learning Objectives 1, 2, 3, 4, 5:...
Chapter 2 LO 1, 2, 3, 4, 5 S2-16. (Learning Objectives 1, 2, 3, 4, 5: Define accounting terms) Accounting has its own! vocabulary and basic relationships. Match the accounting terms at the left with the correspond ing definition or meaning at the right. 1. Posting A. The cost of operating a business; a decrease in stock 2. Expense holders' equity B. Always an asset 3. Debit C. Side of an account where increases are recorded 4. Trial balance D....
True or False questions for Accounting ACCT-1001 Financial Accounting Part 1 Chapter 2 Analyzing and Recording...
True or False questions for Accounting
ACCT-1001 Financial Accounting Part 1 Chapter 2 Analyzing and Recording Transactions Module #2 - Chapter #2 Assignment 2C-2020 True / False The steps covered in the Accounting Cycle in this module were adjustments, prepare adjusted trial balance and prepare financial statements The account is a detailed record of the increases and decreases in a specific asset, liability or equity item. A ledger is a group of all the accounts used by a business and...
Vermont Auto Parts, Inc., completed the following selected transactions during 2018: i (Click the icon to...
Vermont Auto Parts, Inc., completed the following selected transactions during 2018: i (Click the icon to view the transactions.) Read the requirements. Requirement 1. Record the transactions in the journal and post to the Allowance for uncollectible accounts and Bad debt expense ledger accounts that have been opened for you. These accounts have beginning balances of $1,700 (cr.) and $0, respectively. Remember to update account balances but ignore posting references Begin by recording the transactions in the journal. (Record debits...
MATCH TERMS Match the following terms with the definitions or statements listed below. Indicate your answers...
MATCH TERMS
Match the following terms with the definitions or statements listed below. Indicate your answers in the spaces provided. a. Account g. Expenses b. Accounts payable h. Income statement C. Accounts receivable i. Net income d. Balance sheet j. Revenue e. Corporation k. Partnership f. Debit 1. Sole proprietorship Answer 1. A business owned by stockholders. 2. Costs incurred in running a business. 3. When revenue is larger than expenses. 4. The left-hand side of an account. 5. A...
Homework: Chapter 2, Part 1 Score: 0 of 2 pts E2-10 (book/static) 7 of 10 (2 complete) HW Score: 14.2 Que est Match the accounting terms with the corresponding definitions. (Click the icon to view the accounting terms.) More Info A detailed record of asset, liability, or eq The record holding a v a. ar 1. Posting b. and their balances c. A journal entry that d. A record of transacti e. Left side of a T-acco 3. Debit 4....
Match Terms
PART IV TABLE COMPLETION (10 Points) Match the following terms with the definitions or statements listed below. Indicate your answers in the spaces provided. a. b. C. i. Accounting cycle Accounting period Adjusting Book value Cross-referencing General journal g. Posting h. Residual value Slide j. Transposition k. Trial balance Worksheet d. e. f. I. Answer 1. A multi-column form used by accountants as an aid in gathering data to complete the accounting cycle. 2. An informal listing of...
tlons: Match each of the statements below with its proper terms may not be used Some A. account B. assets C. balance of the account D. chart of accounts E. credits F. debits G. double-entry accounting H. drawing O. liabilities P. materiality concept Q. objectivity concept R. owner's equity S. posting T. revenues U. slide V. T account W. transposition X. trial balance J. horizontal analysis K. journal L. journal entry M. jounalizing Y. two-column journal Z uneaned revenue AA....
0 Match the accounting terminology to the definitions. (Click the icon to view the definitions.) More Info - X a. 1. Sarbanes-Oxley Act 2. Internal control 3. Encryption 4. Separation of duties 5. Internal auditors b. Organizational plan and all the related measures adopted by an entity to safeguard assets, encourage employees to follow company policies, promote operational efficiency, and ensure accurate and reliable accounting records. Employees of the business who ensure that the company's employees are following company policies...
Definitions - X Match the accounting terminology to the definitions. (Click the icon to view the definitions.) 1. Conservatism 2. Materiality concept 3. Disclosure principle 4. Consistency principle a. A business should report the least favorable figures in the financial statements when two or more possible options are presented. b. A business's financial statements must report enough information for outsiders to make knowledgeable decisions about the company C. A business should use the same accounting methods and procedures from period...
Ма E2.2 (LO 1, 2, 3, 4) K Here are some of the concepts discussed in the chapter: 5. Debit 9. Posting 1. Account 6. Journal 10. Trial balance 2. Analyzing transactions 3. Chart of accounts 7. Journalizing 4. Credit 8. Ledger Instructions Match each concept with the best description below. Each concept may be used more than once, or may not be used at all. The normal balance for liabilities The first step in the recording process The procedure...
Chapter 2 LO 1, 2, 3, 4, 5 S2-16. (Learning Objectives 1, 2, 3, 4, 5: Define accounting terms) Accounting has its own! vocabulary and basic relationships. Match the accounting terms at the left with the correspond ing definition or meaning at the right. 1. Posting A. The cost of operating a business; a decrease in stock 2. Expense holders' equity B. Always an asset 3. Debit C. Side of an account where increases are recorded 4. Trial balance D....
True or False questions for Accounting
ACCT-1001 Financial Accounting Part 1 Chapter 2 Analyzing and Recording Transactions Module #2 - Chapter #2 Assignment 2C-2020 True / False The steps covered in the Accounting Cycle in this module were adjustments, prepare adjusted trial balance and prepare financial statements The account is a detailed record of the increases and decreases in a specific asset, liability or equity item. A ledger is a group of all the accounts used by a business and...
Vermont Auto Parts, Inc., completed the following selected transactions during 2018: i (Click the icon to view the transactions.) Read the requirements. Requirement 1. Record the transactions in the journal and post to the Allowance for uncollectible accounts and Bad debt expense ledger accounts that have been opened for you. These accounts have beginning balances of $1,700 (cr.) and $0, respectively. Remember to update account balances but ignore posting references Begin by recording the transactions in the journal. (Record debits...
MATCH TERMS
Match the following terms with the definitions or statements listed below. Indicate your answers in the spaces provided. a. Account g. Expenses b. Accounts payable h. Income statement C. Accounts receivable i. Net income d. Balance sheet j. Revenue e. Corporation k. Partnership f. Debit 1. Sole proprietorship Answer 1. A business owned by stockholders. 2. Costs incurred in running a business. 3. When revenue is larger than expenses. 4. The left-hand side of an account. 5. A...
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