4-1 Quiz

Chapter 3 we learned how to journalize entries in the ______________ which tracked debits and credits of all transactions chronologically

• General Ledger

• General Journal

• Income Statement

• Bank Statement

Chapter 4 we began learning about _____________ which summarizes changes made to a single account, such as CASH.

• Account Form

• General Journal

• Chart of Accounts

• T-Account

The _____________ lists all the accounts used by a business.

• General Ledger

• General Journal

• Account Form

• Chart of Accounts

Typically asset accounts use numbers in the ___

• 100s

• 200s

• 300s

• 400s

When listing your expenses in the Chart of Accounts, you should list them in _____

• Chronological Order

• ABC order

• Most expensive to least expensive

• Least expensive to most expensive

A group of accounts is called a _________

• Ledger

• Journal

• List

• Class

When opening an account you need to record the account title and the ___________

• Account Number

• Account Type (Asset, Liability, Owner's Equity)

• Company Name

• Date

You see an account with the number 230. The first digit (the 2) shows the _______ the account is in

• division (asset, liability, etc)

• location

The process for arranging accounts in the general ledger, assigning account numbers, and keeping records up to date is called...

• File Maintenance

• Journalizing

• Accounting

• Budgeting

If you saw an account with the number 230, it most likely is a(n) __________ account

• asset

• liability

• owner's equity

• expense