Accounting Part 1 Final Exam Review

A planned process for providing financial information that will be useful to management

• accounting system
• accounting record
• financial statements
• sale on account

a decrease in owner's equity resulting from the operation of a business

• expense
• asset
• revenue
• withdrawal

An increase in owner's equity resulting from the operation of a business

• revenue
• expenses
• withdrawals
• accounting system 

An account device used to analyze transactions is a T account.

• True
• False

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

• True
• False

The procedure for transferring information from a journal entry to a ledger account is

• posting
• journalizing
• file maintenance
• none of these

Reporting income when it is earned and expenses when they are incurred.

• cash basis of accounting
• accrual basis of accounting
• income basis of accounting
• balance basis of accounting

Journal entries recorded to update general ledger accounts at he end of a fiscal period.

• adjusting entries
• controlled entries
• balance sheet
• income statement

A financial statement showing the revenue and expenses for a fiscal period.

• balance sheet
• income statement
• worksheet
• fiscal period

A financial statement that reports assets, liabilities, and owner's equity on a specific date.

• balance sheet
• income state
• work sheet
• adjustment sheet