Accounting Midterm Review

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Can you name the Accounting Midterm Review?

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QuestionAnswer
Financial claim is the creditors legal right to the item (True/False?)
Property is anything a business owns (True/False?)
the fourth step in the accounting cycle is ________?
A T account helps organize accounts by_____?
Cash in Bank, Computer Equipment, and Accounts Receivable are all _______s?
Revenue, expense, and withdrawals are________ accounts?
A receipt ________.
The balance sheet section of the includes ______ , _______, and _______ accounts.
A single rule means?
Assets increase on the __________ side?
A trial balance is______.
Net income is the ____________.
A credit increases on the______?
Capital has a normal_______ balance?
Expenses increase on the ________ side?
The 6th step in the accounting cycle is_____.
Accounts Payable is considered a ________?
What are Expenses?
Posting is the process of transferring in formation from _______ to ________.
Cash in Bank has a normal______balance?
a source document is________.
The normal balance is recorded______?
Accounts payable has a normal______balance?
Buying on credit is the same as buying on account. (True/False?)
The Accounting Cycle
Revenue recognition is when business owners_______?
A journal is a ________.
Mistakes are corrected using a _____.
A check stub _________.
Adding the credit and debits and comparing them is called?
QuestionAnswer
withdrawals has a normal______balance?
What is a chart of accounts?
What number do asset accounts begin at?
What is a withdrawal?
A memorandum is _________.
the third step in the accounting cycle is ________?
Should the business owner mix private and business accounts?
the work sheet is________.
Net loss occurs when ________ is higher than ________.
Assets and liabilities __________ accounts?
Capital and withdrawals are both considered______ _____?
What is Revenue?
the first step in the accounting cycle is_______?
What is a liability?
the revenue and expense accounts are listed in the _________section of the work sheet
Double entry accounting recognizes the two sides of the business transactions as_____?
A slide error occurs when_______.
$32000(asset) = ________ + $15600(owners equity)
the fifth step in the accounting cycle is ______.
A general journal is an _______ purpose journal?
An invoice________.
the second step in the accounting cycle is______?
A transposition error occurs when?
Grooming Revenue has a normal_______balance?
A debit increases on the______?
Liabilities increase ont the __________ side?
a calendar year spans between what two dates?
a fiscal year is how long?
Leger account forms record ___________ accounts.
the act of putting the transactions in the journal is called_________.

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Created Jan 25, 2011ReportNominate
Tags:accounting, midterm, review