Question: 1. Define a ledger. 2. Why is the left-hand side of an account called a debit? 3. Footings are used in balancing all accounts. True

1. Define a ledger.

2. Why is the left-hand side of an account called a debit?

3. Footings are used in balancing all accounts. True or false? Please explain. 4. What is the end product of the accounting process?

5. What do we mean when we say that a transaction analysis chart is a teaching device?

6. What are the five steps of the transaction analysis chart?

7. Explain the concept of double-entry bookkeeping.

8. A trial balance is a formal report. True or false? Please explain.

9. Why are there no debit or credit columns in financial reports?

10. Compare the financial statements prepared from the expanded accounting equation with those prepared from a trial balance.

11. Audrey Flet, the bookkeeper of ALN Co., was scheduled to leave on a three week vacation at 5:00 p.m. on Friday. She couldn't get the company's trial balance to balance. At 4:30 p.m., she decided to put in fictitious figures to make it balance. Audrey told herself she would fix it when she got back from her vacation. Was Audrey right or wrong to do this? Why?

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