On which financial statements would the account 'Andrew Simpson, Capital' appear? Statement of Owner's Equity and Balance Sheet Income Statement and Balance Sheet Cash Flow Statement and Income Statement Trial Balance and Cash Flow Statement

Statement of Owner's Equity and Balance Sheet

Accounting Transaction Recording: Debits, Credits, T-Accounts & Trial Balance Preparation

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Finance - Personal Finance

georgepetenjk Created by 10 mon ago

Cards in this deck(62)

What type of entry is used to record increases in assets?

On which financial statements would the account 'Andrew Simpson, Capital' appear?

At least how many accounts must be affected by a business transaction?

What is the error called when the number $5.00 is written as $50.00?

The normal balance of an account is the side of the T account on which it _____?

An entry on the left side of an account is called a _____?

What is the classification and normal balance of the accounts receivable account?

What is the error called when the number $916 is written as $961?

A small pencil figure written at the base of an amount column showing the sum of the entries in the column is called a _____?

Rent revenue is increased by _____ the account?

A special type of owner's equity account set up to record the owner's withdrawal of cash from the business is called a _____?

The right side of a T account is referred to as the _____?

Which of the following is the order in which accounts are listed on the trial balance?

Which of the following accounts is not a permanent account?

A debit has the same impact on expenses and which of the following?

Debits are used to record increases in which of the following?

Which of the following groups of accounts all have the same normal balance?

The increase side of an account represents the _____?

Which of the following takes place after the trial balance is prepared?

Which of the following accounts is NOT a nominal account?

Which of the following is an account whose balance is transferred to the capital account at the end of an accounting period?

If assets are numbered from 100-199 in the chart of accounts, which of the following accounts would not be given a number in the 100 series?

Which of the following statements regarding the double-entry system is accurate?

The total of the figures on the left side of a Cash account is $25,800. The total of the figures on the right side is $16,250. The balance of this account is _____ and would be recorded on the left side of the T account.

The normal balance of which of the following is on the credit side?

Expense accounts are increased on which side of the T account?

Credits are used to record increases in which of the following?

A decrease in a liability is recorded on which side of the T account?

Another name for the profit and loss statement is the _____?

Which of the following transactions increases owner's equity?

A statement prepared to test the equality of total debits and credits after transactions have been recorded is called a _____?

The account used to record increases in owner's equity from the sale of goods and services is the _____?

Revenue and expense accounts are called _____?

The current balance in the cash account of Nguyen Company is $942. Which of the following figures, if included on the trial balance as the cash account balance, would represent a transposition error?

Which of the following would result in an error when preparing the trial balance?

Which of the following is NOT one of the formal financial statements that is made available to all users of the financial statements?

The order in which financial statements are prepared is determined by the fact that information from one statement is needed to prepare the next. Which statement is prepared last?

When equipment is purchased for cash, the cash account is credited and which account is debited?

Which of the following would cause the debit column and the credit column of the trial balance to be unequal?

What is the definition of 'that' in relation to accounts and 'would'?

The total figures on the left side of a cash T account is $34,300. The total of the figures on the right side is $15,800. The balance of this account is _____ and would be recorded on the left side of the T account.

The trial balance includes which of the following column titles?

An entry on the right side of a T account is called a _____?

The current balance in the cash account of Nguyen Company is $963. Which of the following figures, if included on the trial balance as the cash account balance, would represent a transposition error?

If a trial balance is not in balance (the debit and credit columns are not equal), a logical first step is to _____?

Which of the following would cause the trial balance to be out of balance?

Which of the following types of accounts normally have debit balances?

When recording a transaction in a T account, which of the following is NOT accurate?

Separate written records that are kept for each asset and liability and for the owner's equity of a business are called _____?

What type of account is listed first within the chart of accounts?

Which of the following below would ALL appear on the balance sheet?

If the trial balance totals are not equal, the error may have been caused by a transposition if the difference is divisible by _____?

Which of the following is an accurate statement?

The classification and normal balance of the accounts payable account is _____?

Which of the following does NOT describe a transposition?

What account is used to record increases in owner's equity from the sale of goods or services?

When the trial balance totals are not equal, the error may have been caused by recording a debit as a credit if the difference is evenly divisible by _____?

The difference between the debit and credit side of a T account is called the account _____?

Which of the following accounts begins each new period with a zero balance?

Which of the following procedures would NOT be used to identify an error within a trial balance?

Which of the following would not include any temporary accounts?

When are the financial statements prepared?

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