Basic Accounting Final Exam

A journal entry affecting three or more accounts is called​ a:

compound entry.

The right side of any account is​ the:

credit side.

The left side of any account is​ the:

debit side.

When recording a transaction in a​ journal, the account listed first is the​ _______ entry.

debit.

A​ ledger:

includes all company accounts and their related balances

Revenue is traditionally recognized in the accounting records​ when:

services are rendered and cash may or may not be received.

An account is said to have a debit balance​ if:

the footing of the debits exceeds the footing of the credits.

Accounts Payable had a normal starting balance of $500 credit. There were debit postings of $100 and credit postings of $450 during the month. The ending balance​ is:

$850 credit

Which of the following is NOT an​ Asset?

All of the above (cash, buildings, accounts receivable)

Assets are equal​ to:

Liabilities​ + Owner's Equity.