Accounting Review Chapters 1-5

Front

A drawing account is decreased by debits and increased by credits. True or False?

Back

False

Front

A list of accounts used by a business is a chart of accounts.

Back

True

Front

When a business pays for insurance, Prepaid Insurance is

Back

Increased by a debit

Front

An endorsement restricting further transfer of a check's ownership.

Back

restrictive endorsement

Front

A check that a bank refuses to pay.

Back

dishonored check

Front

A report of deposits, withdrawals, and bank balances sent to a depositor by a bank.

Back

bank statement

Front

A report of deposits, withdrawals, and bank balances sent to a depositor by a bank.

Back

bank statement

Front

The petty cash fund is a liability with a normal debit balance.

Back

False

Front

The petty cash fund is a liability with a normal debit balance.

Back

False

Front

The entry to establish a $200.00 petty cash fund is

Back

debit Petty Cash $200, credit Cash $200