Fundamentals Final Exam Winter 2024

Front

Accounts are records of increases and decreases in individual financial statement items.

Back

true

Front

A chart of accounts is a listing of accounts that make up the journal.

Back

false

Front

Accounts payable are accounts that you expect will be paid to you.

Back

false

Front

Consuming goods and services in the process of generating revenues results in expenses.

Back

true

Front

The Unearned Revenues account is an example of a liability.

Back

true

Front

The right hand side of a T account is known as a debit and the left hand side is known as a credit.

Back

false

Front

Liabilities are debts owed by the business entity.

Back

true

Front

The normal balance of revenue accounts is a credit.

Back

true

Front

Expense accounts are increased by credits.

Back

false

Front

Journalizing is the process of entering amounts in the ledger.

Back

false