Miscellaneous Quiz / Accounting Midterm Review

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Can you name the Accounting Midterm Review?

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

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