Accounting 1 Certification

Front

What is the term for anything "owned" by a business?

Back

Asset

Front

What statement is prepared after closing entries are posted? Options: Income Statement, Balance sheet, Trial balance

Back

Post-closing trial balance

Front

Select the correct order for the heading for a financial statement: Company name, Report name, Date

Back

Company name, Report name, Date

Front

What is a check returned by the bank because there are not enough funds in the drawer's checking account?

Back

Dishonored/NSF check

Front

How is the accounting equation affected when cash is paid for supplies?

Back

An asset and liability are changed.

Front

How are assets affected when the owner invested 1,000 in the business?

Back

Increased by $1,000

Front

WHAT IS THE TERM USED TO DESCRIBE THE STEPS COMPLETED TO RECORD FINANCIAL INFORMATION FOR A FISCAL PERIOD?

Back

ACCOUNTING CYCLE

Front

Which of the following account categories are included in a post-closing trial balance? Revenue, expenses, drawing/withdrawals; Assets, liabilities, owner's equity; Assets, revenues, owner's equity; Assets, liabilities, and expenses

Back

Assets, liabilities, owner's equity

Front

What is the MINIMUM number of accounts that a business transaction affects?

Back

Two

Front

What accounts are closed at the end of a fiscal period?

Back

Temporary