What is the purpose of a work sheet in accounting?

To summarize the general ledger information needed to prepare financial statements

To prove the quality of debits and credits in a general ledger

To transfer information from a journal entry to a ledger account

To record transactions in chronological order

What is the purpose of a fiscal period in accounting?

To summarize and report financial information for a specific length of time

To determine the amount of cash agrees with the accounting records

What is the purpose of a code of conduct in accounting?

To guide the ethical behavior of a company and its employees

A business form given written acknowledgement for cash received.

A form on which a brief message is written describing a transaction.

A ______________ is the source document for daily sales.

A record summarizing all the information pertaining to a single item in the accounting equation.

a columnar accounting form used to summarize the general ledger information needed to prepare financial statements.

Information for each transaction recorded in a journal

A transaction for the sale of goods or services results in a _________ in owner's equity.

When items are bought and paid for at a future date, another way to state this is to say these items are bought _______________

a columnar accounting form used to summarize the general ledger information needed to prepare financial statements.

A ______________ is the source document for daily sales.

A business owned by one person.

Financial reports that summarize the financial conditions and operations of a business.

A check with a future date on it is known as a _________________ check.

Planning, recording, analyzing, and interpreting financial information.

A proof of the quality of debits and credits in a general ledger.

A journal with two amount columns in which all kinds of entries can be recorded.

When the previous balance of an account is zero and a credit amount is posted to the account the new balance is a ______.

An equation showing the relationship among assets, liabilities, and owner's equity.

The length of time for which a business summarizes and reports financial information.

The recording of debit and credit parts of a transaction.

A form describing the goods or services sold, the quantity, and the price.

Organized summaries of a business's financial records.

The length of time for which a business summarizes and reports financial information.

A business form ordering a bank to pay cash from a bank account.

Information for each transaction recorded in a journal

Anything of value that is owned.

Know how to Draw the accounting equation with all corresponding parts.

Payments for advertising, equipment repairs, utilities, and rent are ___________ transactions.

The length of time for which a business summarizes and reports financial information.

The principles of right and wrong that guide an individual in making decisions.

A business paper from which information is obtained for a journal entry.

An endorsement consisting only of the endorser's signature.

An accounting device used to analyze transactions.

A check with a future date on it is known as a _________________ check.

Financial reports that summarize the financial conditions and operations of a business.

A business paper from which information is obtained for a journal entry.

An accounting device used to analyze transactions.

A business form given written acknowledgement for cash received.

A journal with two amount columns in which all kinds of entries can be recorded.

Assets taken out of a business for owner's personal use.

When the previous balance of an account is zero and a credit amount is posted to the account the new balance is a ______.

A business owned by one person.

A proof of the quality of debits and credits in a general ledger.

Recording transactions in a journal.

The source document used when supplies are bought on account is a ______________.

A record summarizing all the information pertaining to a single item in the accounting equation.

Recording transactions in a journal.

A sale for which cash will be received at a later date.

Assets taken out of a business for owner's personal use.

A proof of the quality of debits and credits in a general ledger.

An equation showing the relationship among assets, liabilities, and owner's equity.

A business that performs an activity for a fee.

The source document used when supplies are bought on account is a ______________.

A statement that guides the ethical behavior of a company and its employees.

Assets taken out of a business for owner's personal use.

A business that performs an activity for a fee.

The source document used when supplies are bought on account is a ______________.

Anything of value that is owned.

When items are bought and paid for at a future date, another way to state this is to say these items are bought _______________

Determining that the amount of cash agrees with the accounting records

Information for each transaction recorded in a journal

When financial records for a business and for its owner's personal belongings are not mixed, this is an application of the ______________________ accounting concept.

When items are bought and paid for at a future date, another way to state this is to say these items are bought _______________

A journal with two amount columns in which all kinds of entries can be recorded.

A sale for which cash will be received at a later date.

Payments for advertising, equipment repairs, utilities, and rent are ___________ transactions.

Organized summaries of a business's financial records.

An accounting device used to analyze transactions.

Assets taken out of a business for the owner's personal use.

Information for each transaction recorded in a journal

An invoice used as a source document for recording a sale on account.

Know how to Draw the accounting equation with all corresponding parts.

A transaction for the sale of goods or services results in a _________ in owner's equity.

Planning, recording, analyzing, and interpreting financial information.

When financial records for a business and for its owner's personal belongings are not mixed, this is an application of the ______________________ accounting concept.

Each general journal entry requires at least _______ lines.

An accounting device used to analyze transactions.

A record summarizing all the information pertaining to a single item in the accounting equation.

Financial reports that summarize the financial conditions and operations of a business.

An invoice used as a source document for recording a sale on account.

Assets taken out of a business for owner's personal use.

An account number in the journal's Post. Ref. column shows the ___________ to which an amount is posted.

Each general journal entry requires at least _______ lines.

A business form ordering a bank to pay cash from a bank account.

A transaction for the sale of goods or services results in a _________ in owner's equity.

Assets taken out of a business for the owner's personal use.

Transactions are recorded in a journal in ______________ order.

A business paper from which information is obtained for a journal entry.

Information for each transaction recorded in a journal

The source document used when supplies are bought on account is a ______________.

A form on which a brief message is written describing a transaction.

Information for each transaction recorded in a journal

A form describing the goods or services sold, the quantity, and the price.

A proof of the quality of debits and credits in a general ledger.

The length of time for which a business summarizes and reports financial information.

A form describing the goods or services sold, the quantity, and the price.

Financial reports that summarize the financial conditions and operations of a business.

A journal with two amount columns in which all kinds of entries can be recorded.

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

A journal with two amount columns in which all kinds of entries can be recorded.

A ______________ is the source document for daily sales.

The source document used when supplies are bought on account is a ______________.

A business form given written acknowledgement for cash received.

When accounts are arranged in a general ledger, account numbers are assigned, and the chart of accounts is kept up to date, the accounting personnel are doing __________ _________________.

A business owned by one person.

A computerized cash payment system that transfers funds without the use of checks, currency, or other paper documents.

A form for recording transactions in chronological order.

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

Transactions are recorded in a journal in ______________ order.

A ______________ is the source document for cash received from transactions other than sales.

Double-entry accounting

The recording of debit and credit parts of a transaction.

A bank card that, when making purchases, automatically deducts the amount of the purchase from the checking account of the cardholder.

Organized summaries of a business's financial records.

Assets taken out of a business for owner's personal use.

Recording transactions in a journal.

A form for recording transactions in chronological order.

A journal with two amount columns in which all kinds of entries can be recorded.

Determining that the amount of cash agrees with the accounting records

A form on which a brief message is written describing a transaction.

A form for recording transactions in chronological order.

If posting is interrupted, the accounting personnel know to resume posting on the line with a _____________ Post. Ref. column in the journal.

A ______________ is the source document for cash received from transactions other than sales.

The first step in the posting procedure is writing the _________.

Planning, recording, analyzing, and interpreting financial information.

A form for recording transactions in chronological order.

A ______________ is the source document for daily sales.

Organized summaries of a business's financial records.

Know how to Draw the accounting equation with all corresponding parts.

Assets taken out of a business for owner's personal use.

The source document used when supplies are bought on account is a ______________.

A signature or a stamp on the back of a check transferring ownership.

The first step in the posting procedure is writing the _________.

An invoice used as a source document for recording a sale on account.

Transactions are recorded in a journal in ______________ order.

The source document used when supplies are bought on account is a ______________.

A statement that guides the ethical behavior of a company and its employees.

When the previous balance of an account is zero and a credit amount is posted to the account the new balance is a ______.

A general journal page is ______________ when there is insufficient space to record any more entries.

The principles of right and wrong that guide an individual in making decisions.

Know how to Draw the accounting equation with all corresponding parts.

Financial reports that summarize the financial conditions and operations of a business.

Each general journal entry requires at least _______ lines.

A proof of the quality of debits and credits in a general ledger.

An amount of cash kept on hand and used for making small payments.

A signature or a stamp on the back of a check transferring ownership.

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

The length of time for which a business summarizes and reports financial information.

A proof of the quality of debits and credits in a general ledger.

The principles of right and wrong that guide an individual in making decisions.

Accounting Fall Semester Test Study Guide

Authored by Mital Kilburn

Business

12th Grade

Used 6+ times

Accounting Fall Semester Test Study Guide

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74 questions

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MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the accounting equation?

Owner's Equity = Assets - Liability

Liability = Owner's Equity - Assets

Liability = Assets - Owner's Equity

Assets = Liability + Owner's Equity

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the purpose of accounting records?

To interpret financial information

To organize business's financial records

To analyze the financial operations of a business

To summarize the financial conditions of a business

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the definition of an expense in accounting?

An increase in liabilities resulting from the operation of a business

A decrease in assets resulting from the operation of a business

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

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

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the purpose of a sales invoice?

To organize business's financial records

To summarize the financial conditions of a business

To order a bank to pay cash from a bank account

To record a sale on account

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the first step in the posting procedure?

Writing the account title

Writing the date

Writing the account number

Writing the amount

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the purpose of a bank statement?

To report deposits, withdrawals, and bank balances

To summarize the financial conditions of a business

To transfer funds without the use of checks

To guide the ethical behavior of a company

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the purpose of a debit card?

To restrict further transfer of a check's ownership

To automatically deduct the amount of a purchase from the checking account

To endorse a check

To transfer ownership of a check

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