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.