Accounting General

Question 1

Reorganizing journal entries and grouping them by account is known as

Answer 1

Posting to the ledger

Question 2

Zach needs to determine what his company’s financial position was on March 31st of last year. Which of the following would be the best report to look at?

Answer 2

Balance sheet

Question 3

Which financial statement reports the sources and uses of cash by a business?

Answer 3

Statement of Cash Flow

Question 4

Francis enters a $100 check received from a customer into QuickBooks online. If she views the Transaction Journal, which account would show as being
debited $100?

Answer 4

Business bank account

Question 5

A form or statement that lists the titles and balances of all ledger accounts at a given date is known as:

Answer 5

A trial balance

Question 6

If you’re increasing an Interest Expense account you _______ it

Answer 6

Debit

Question 7

True or false: The profit and loss statement and the income statement are two completely different documents.

Answer 7

False