Wrong Exam Questions Flashcards
After analyzing each transaction, the fundemental accounting equation must still______
Balance
When recording a journal entry, the accounts to be ______ are indented
Credited
A group of accounts is known as a ______
Ledger
The different between the total debits and total credits in an account is called the _______
Account Balance
A listing of ledger accounts and their balances is referred to as a _____
Trial Balance
The Financial statement on which the Drawings account appears is called the _____
Balance Sheet
When the balance sheet is prepared vertically, it is said to be in _____ form
Report
The accounting department learns of transactions from business papers called ______
Source Documents
A ______ is a business form prepared whenever goods or services are sold for cash
Cash Sales Slip
A _____ is a business form prepared whenever goods or services are sold on account
Sales invoice
A _____ is a business form repersenting a purchase of goods on account
Purchase invoice
The ______ is a business paper that records payments coming from customers
Cash receipts daily summary
When a cheque is issued to decrease he balance owned to a creditor, this money is said to be a payment on account T/F
True
Magic Forest Land Development Corporation sold a portion of land at a profit
Increase in assets and owner’s equity
The Holidex Company completed a transaction which casued both its total assets and liabilities to increase by 6000. The transaction could have been
The purchse of a fork lift by paying 14000 and acceptance of an account payable for 6000
