Accounting Review 2

An increase in owner's equity resulting from the 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

• Withdrawl

• 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

• Liability

• Owner’s Equity