Accounting Final Review s2

An increase in owner's equity resulting from operation of a business is called what?

• Expense
• Revenue
• Sales
• Account

The right side of a T Account is the

• Debit Side
• Credit Side
• Normal Balance Side
• Equity Side

Accounts Receivable accounts are increased with a ___________.

• Debit
• Credit
• Withdrawal 
• Deposit

A business form ordering a bank to pay cash from a bank account is called a(n) ______________.

• Journal
• Deposit
• Sales Invoice
• Check

The procedure for transferring information information from a journal entry to a ledger account is_______.

• Posting
• Journalizing
• File Maintenance 
• Accounting 

______ is a financial statement that reports assets, liabilities, and owner's equity on a specific date.

• Work Sheet
• Income Statement
• Adjustment Sheet
• Balance Sheet

On a trial balance,

• all general ledger account titles are listed
• only general ledger accounts that have balances are listed
• only accounts with debits are listed
• only accounts with credits are listed

The date on a monthly income statement prepared on July 31, 2016 is written as _____

• For Month Ended July 31, 2016
• July 31, 2016
• 2016, July 31
• 7-31-2016

When a business pays cash on account, a liability account _____

• increased by a debit
• increased by a credit
• decreased by a debit
• decreased by a credit

Anything of value that is owned is called what?

• Asset
• Capital
• Liaibility
• Owner’s Equity