Accounting 1 Strands & Standards Exam

Front

Which term is associated with "left" or "left-side"? Options: Debit, Plus, Minus, Credit

Back

Debit

Front

Revenues minus expenses equals:

Back

Net Income

Front

What will usually cause the liability account Accounts Payable to increase?

Back

Credit

Front

Which accounting concept is being described when Mrs Do has personal properties amounting to $1,000,000, with half invested in Do Laundry Shop and the other half in Do Convenience Store?

Back

Business Entity

Front

Financial statements are prepared with the expectation that a business will remain in operation indefinitely described the accounting concept of...

Back

Going Concern

Front

On June 25, Galing Repair Shop rendered service to a client for $600. The service fee was collected July 4. The bookkeeper recorded the revenue on June 25. This is an example of which accounting concept?

Back

Revenue Recognition

Front

What are the accounting rules used to prepare, present and report financial statements called?

Back

Generally Accepted Accounting Principles

Front

The first step in the accounting cycle (recording process) is to

Back

analyze each transaction for its effect on the accounts.

Front

After transaction information has been recorded in the journal, it is transferred to the

Back

ledger.

Front

Transactions are recorded in a journal in chronological order.

Back

True