a. A collection of accounts and account balances is referred to as a(n) b. A(n) , such as a bank statement, is objective evidence of transactions and their amounts. c. Increases and decreases in a specific asset, liability, equity, revenue, or expense are recorded in a(n) d. A(n) e. A list of all ledger accounts and identification numbers, not including account balances, is called a(n) account has a complete record of every transactions recorded. journal wwwwww of accounts.

a. A collection of accounts and account balances is referred to as a(n) b. A(n) , such as a bank statement, is objective evidence of transactions and their amounts. c. Increases and decreases in a specific asset, liability, equity, revenue, or expense are recorded in a(n) d. A(n) e. A list of all ledger accounts and identification numbers, not including account balances, is called a(n) account has a complete record of every transactions recorded. journal wwwwww of accounts.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter3: Review Of A Company's Accounting System

Section: Chapter Questions

Problem 5GI: Explain how the accounting equation organizes financial information using T-accounts and debits and...

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Explain how the accounting equation organizes financial information using T-accounts and debits and credits.
Below are the steps in the measurement process of external transactions. Arrange them from first (1) to last (6).__________ a. Post the transaction to the T-accounts in the general ledger.__________ b. Assess whether the impact of the transaction results in a debit or credit to account balances.__________ c. Use source documents to identify accounts affected by an external transaction.__________ d. Analyze the impact of the transaction on the accounting equation.__________ e. Prepare a trial balance.__________ f. Record the transaction using debits and credits.
When recording the chart of accounts, the field you use to classify financial statement accounts is called : Select one A. Account description B. Account type C. Active designation D. Account ID
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*Required: Record the transactions using a general journal. Create your own account titles that will appropriately describe the exchanges of values. Post in T-accounts and compute the total assets, liabilities, and equity.
It is prepared with an objective to test the arithmetic accuracy of the accounts a. Ledger b. Books of Prime entry c. Trial Balance d. Journal
100) Trial Balance is prepared to check accuracy of A. Ledger account balances B.Balance sheet balances c.Income statement balances D.Cash flow statement balances
Due to this accounting principle I have to store the accounting documents for example invoices, cash receipts etc. for the predetermined time periods as I need to be able to prove the data used in the accounting. Select one: a. consistency principle b. prudence principle c. full disclosure principle d. reliability principle
a) Prepare journal entries to record above transactions. b) Post to relevant ledger accounts.
Posting is the process of a. Analyzing the impact of the transaction on the accounting equation. b. Obtaining information about external transactions from source documents. c. Transferring the debit and credit information from the journal to individual accounts in the general ledger. d. Listing all accounts and their balances at a particular date and showing the equality of total debits and total credits.
Which of the following checks the arithmetical accuracy of accounts? O a. Balance sheet O b. Journal O c. Trial balance O d. Ledger
From the financial transactions in c, prepare the pro-forma templates for the following:i. Journal entriesii. Ledger accountsiii. Trial balance