Accounting: Chapter 3 Content Review

Réussis tes devoirs et examens dès maintenant avec Quizwiz!

An informal listing of the ledger accounts and their balances in the ledger to aid in proving the equality of debits and credits

Trial balance

The order of the flow of accounting data is to (1) record in journal, (2) post in a ledger, (3) prepare a trial balance

True

The time period for which an income statement is prepared is called the accounting period

True

The trial balance listing is in the same order as the chart of accounts

True

The trial balance proves the equality of debits and credits

True

Transactions are listed in chronological order in the journal

True

The period of time for which an income statement is prepared

Accounting period

The 12-month period a business chooses for its accounting year that runs from January to December

Calendar year

A journal entry that affects more than two accounts

Compound journal entry

Adding to the PR column of the journal that account number of the ledger account that was updated from the journal

Cross-referencing

When recording a transaction in a journal, the account listed first is always the

Debit

A trial balance is a list of the accounts and account numbers

False

Posting is the process of transferring information from the journal to the trial balance

False

An accounting period that runs for any 12 consecutive months

Fiscal year

A listing of business transactions in chronological order

General journal

How are credits distinguished from debits in the journal?

Indenting

Business transactions are first recorded in the

Journal

The process of recording a transaction entry into the journal

Journalizing

The transferring, copying, or recording of information from a journal to a ledger

Posting

Revenue is traditionally recognized in the accounting records when

Services are rendered

A running balance is maintained in the ledger after each transaction is posted

True

The process that begins with the recording of business transactions into a journal and ends with the completion of a post-closing trial balance

Accounting cycle


Ensembles d'études connexes

Chapter 3: Neuroscience and Behavior

View Set

Latina poetry as an expression of cultural heritae, heritage of cultural america

View Set

Narrative Techniques and Structure English 10 Unit Test Part 1 k12 WIVA

View Set

What kind of state is this? Unit 4 AP Geo

View Set

Intro-Into-Business: Ch. 6 Learn Study: Practice

View Set

Motor Controls - Ch 5 - Electric Motors

View Set