Accounting Midterm Review

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Can you name the Accounting Midterm Review?

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

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