Accounting Midterm Review

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

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