Accounting Final Exam Review

The length of time for which a business summarizes and reports financial information is what?

• calendar year
• reporting period
• fiscal period
• reporting balance

Accounts Receivable refers to what?

• Money you owe to another business
• total sales for the day
• money that is owed to you
• the total amount of assets you have

A group of accounts is called what?

• file maintenance
• account grouping
• merger
• ledger

Temporary accounts are also referred to as what?

• closing entry
• nominal account
• concept account
• adjustable account

A journal with two amount columns in which all kinds of entries can be recorded is called what?

• source document
• general journal
• invoice
• memorandum

A T- account is what?

• a form that is used to organize assets into categories
• an accounting system that balances debits and credits
• an accounting system that is used to balance Cash flow statements
• an accounting device used to analyze transactions

What would supplies fall under?

• liabilities
• assets
• owner's equity
• cash

Anything of value that is owned is called what?

• Liabilities
• owner's equity
• assets
• proprietorship

The account used to summarize the owner's equity in a business is __.

• equity
• owner's equity
• capital
• a liability

When cash is decreased and supplies are increased by an equal amount, ___

• there is an increase in liabilities
• there is an increase in Owner's equity
• there is a decrease in liabilities
• liabilities and capital are not changed