ACCOUNTING Final Exam Benchmark Study Guide

Front

When cash is paid for rent, the amount is recorded in the

Back

Cash Credit column and General Debit column

Front

A petty cash fund is always replenished

Back

at the end of the month

Front

The second step in the posting procedure is to write the journal page number in the Post. Ref. column of the account

Back

journal page number in the Post. Ref. column of the account

Front

Accounts used to accumulate information from one fiscal period to the next are

Back

permanent accounts

Front

The normal balance side of any revenue account is the

Back

credit side

Front

If an amount is recorded on the side of a T account opposite the normal balance side, the account balance is

Back

decreased

Front

If an error is recorded in a journal entry, what should be done? Options: cancel the error by drawing a neat line through the error, correct the entry by writing the correct item above the canceled error, do not erase the incorrect item, all of these.

Back

all of these

Front

Preparing financial statements at the end of each monthly fiscal period is an application of the accounting concept

Back

Accounting Period Cycle

Front

When cash is received from sales, the amount is recorded in the

Back

Sales Credit column and Cash Debit column

Front

Income Summary is a(n)

Back

temporary account