
Accounting I-Review

Flashcard
•
Other
•
12th Grade
•
Hard
Wayground Content
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60 questions
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1.
FLASHCARD QUESTION
Front
What does GAAP stand for?
Back
Generally Accepted Accounting Principles
2.
FLASHCARD QUESTION
Front
What is the minimum number of accounts that a business transaction affects?
Back
Two
3.
FLASHCARD QUESTION
Front
A company receives a check that the bank determines is NSF/Dishonored. How does this affect the company’s cash balance?
Back
Decreases cash
4.
FLASHCARD QUESTION
Front
When a $100 liability is paid with cash, assets decrease by $100. What change is made to the liability account?
Back
Decrease by the same amount
5.
FLASHCARD QUESTION
Front
What term is used to describe the steps completed to record financial information for a fiscal period?
Back
Accounting cycle
6.
FLASHCARD QUESTION
Front
Accounts receivable had a debit balance of $1,500 on May 31. There were debit postings of $900 and credit postings of $700 during June. What was the accounts receivable balance on June 30?
Back
$1,700 debit
7.
FLASHCARD QUESTION
Front
Which of the following is used to make sound business decisions about the financial status of a company? General ledgers, Financial statements, Source documents, Financial journals
Back
Financial statements
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