Accounting I Final Exam

The person who signs a check is called a drawer.

• True

• False

A computer terminal where account holders can conduct various banking activities is called an automated teller machine (ATM).

• True

• False

Checks that have not been deducted from the bank statement balance are called outstanding checks.

• True

• False

A financial statement that summarizes changes in the owner's capital account as a result of business transactions during the period is called financial statements.

• True

• False

A 12-month pd, October through September, for planning the federal budget

• True

• False

Income earned from the sale of goods and services

• True

• False

Cash and other assets expected to be exchanged for cash or consumed within a year

• True

• False

Amounts to be paid in the future for goods or services already acquired

• True

• False

The accounting relationship between assets and the two types of equities. Assets = liabilities + owner's equity.

• True

• False

Includes the signatures of each person authorized to sign checks on the bank account.

• True

• False