Accounting 1 - 2017 Final Review

What number usually represents Assets?

100

Given the rules we learned in setting up the chart of accounts, cash is usually?

110

What number usually represents Liabilities?

200

What number usually represents Owner's Equity?

300

What number usually represents Revenue?

400

What number usually represents Expenses?

500

An Income Statement lists which accounts?

Revenue and Expenses

What is recorded in the Post Ref. Column on your Journal?

Account #

The number assigned to an account is called?

Account Number

Changes recorded on a worksheet to update general ledger accounts at the end of a fiscal period are called?

Adjustments

A Balance Sheet lists which accounts?

Assets Liabilities Owner's Equity All Of The Above

A verification or check for accuracy and completeness is a(n)?

Audit

A report of deposits, withdrawals, and bank balances sent to a depositor by a bank is called a?

Bank Statement

An endorsement consisting only of the endorser's signature is called?

Blank Endorsement

What account is credited when a debit card is used to buy supplies?

Cash

What account is credited when electronic funds transfer is used to pay cash on account?

Cash

What account total is posted to a general ledger from your journal?

Cash Credit

If Paul Abdou deposits $30,000.00 in a checking account in the name of his business, the two accounts affected are?

Cash in the Bank and Paul Abdou, Capital

A bank account from which payments can be ordered by a depositor is called a?

Checking Account

The relationship between one financial statement item and the total that includes that item is called?

Component Percentage

If an accounting error is discovered, a memorandum is prepared as a source document for what?

Correcting Entry

In what order are transactions recorded in a journal?

Date

In keeping an accurate Journal we need?

Date Account Title Doc No. All Of The Above

When making purchases, it automatically deducts the amount of the purchase from the checking account of the card holder?

Debit Card

After proving your journal, what has to balance?

Debits and Credits

A check that is returned or a bank refuses to pay?

Dishonored

The recording of debit and credit parts of a transaction is?

Double Entry Accounting

A computerized cash payment system that uses impulses to transfer funds?

EFT

The primary example of a proprietorship has been represented by which company?

Encore Music

A signature or a stamp on the back of a check transferring ownership is called?

Endorsement

The procedure for arranging accounts in a general ledger, assigning account numbers, and keeping records current is called?

File Maintenance

The length of time for which a business summarizes and reports financial information is called a?

Fiscal Period

A ledger that contains all accounts needed to prepare financial statements is called a?

General Ledger

A financial statement showing the revenue and expenses for a fiscal period is called a

Income Statement

A form for recording transactions in chronological order is called?

Journal

Recording transactions in a journal is called?

Journalizing

A group of accounts is called?

Legder

If Revenue is greater that expenses what occurs?

Net Income

The difference between total revenue and total expenses when total revenue is greater is called?

Net Income

Which item increases the Capital of a business?

Net Income

The difference between total revenue and total expenses when total revenue is less is called?

Net Loss

Capital - Drawing - Net Loss = ?

New Capital

Writing an account title and number on the heading of an account is called?

Opening An Account

An amount of cash kept on hand and used for making small payments is called?

Petty Cash

A form showing proof of a petty cash payment is called?

Petty Cash Slip

A check with a future date on it is called?

Postdated

Transferring information from a journal entry to a ledger account is called?

Posting

An endorsement limiting further transfer of a checks ownership is called a?

Restrictive Endorsement

An example of a special account column is?

Sales

What account total is posted to a general ledger from your journal?

Sales Credit

A reason why a depositor's records and the bank records may differ?

Service Charge Math Error Outstanding Deposits All Of The Above

A business paper form from which information is obtained for a journal entry is called?

Sources Document

An endorsement in full or an endorsement indicating a new owner of a check is called?

Special Endorsement

A proof of the equality of debits and credits in a general ledger is called?

Trial Balance

An accounting form used to summarize the general ledger information needed to prepare financial statements is called?

Worksheet