Accounting II CP Final True False 2023

Front

The Trial Balance is not a formal way to prove the ledger.

Back

False

Front

All businesses use an accounting cycle that is documented on a weekly basis.

Back

False

Front

Rent expense is a liability to a business.

Back

False

Front

A Work Sheet is not prepared during the accounting period.

Back

True

Front

The first amount column of the general journal is used to record debit amounts.

Back

True

Front

All general ledger accounts must be listed on the Trial Balance even if they have a zero balance.

Back

True

Front

When the debit and credit totals equal on the Trial Balance, this always means that all posting to the ledger accounts has been done correctly.

Back

False

Front

Asset account names are the same for all businesses.

Back

False

Front

When recording transactions, we do not repeat the month for each transaction on the same page.

Back

True

Front

A work sheet is a formal financial statement of the business.

Back

False