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
In reviewing the books for his company, the owner noted that a transaction to purchase furniture was recorded s a 500 debit to cash and a 500 debit to Furniture. This error will cause:
Cash will be overstated by 1000
What type of account is unearned revenue
Current Liability
What type of account is bad debts expense
Selling Expense
What type of account is allowance for bad debts
Contra current asset
What are accrued expenses
Expenses that are recongized in the books but haven’t been paid
What are accrued salaries
Salaries earned but not yet paid
What is accrued revenue
Service perfomed but cash not recieved
i.e: investments
What is Unearned Revenue
Cash is recieed by service is not performed
i.e: concert tickets
What type of account is Interest Receivable
current asset
What type of account is Interest Earned
Revenue account
What type of account is Unearned Revenue
Current Liability
What is HST Payable
Current Liability
What is HST Refundable
Current Liability
What is Interest payable
interest you need to pay; current liability
What is commissions recievable
Comissiosn u can recieve; current asset
What is commissions earned
Revenue account that you credit hwne you perform service
What is Salaries Payable
Salaries that need to be paid; current liability
