Grand Quiz E

An account consists of

• One part

• Two parts

• Three parts

• Four parts

The recording process occurs

• once a year

• once a month

• repeatedly during the accounting period

• infrequently in a manual accounting system

Retained earnings at the end of the period is equal to

• Net income

• retained earning at the beginning of period + net income - dividends

• retained earning at the beginning of period + net income -liabilities

• assets + liabilities

A journal provides

• the balances for each account

• information about a transaction in several different places

• a list of all accounts used in the business

• a chronological record of transactions

The equity section of a statement of financial position has two components

• share capital and liabilities

• assets and liabilities

• share capital and retained earnings

• share capital and assets

Expenses normally show

• credit balances

• debit balances

• debit and credit balances

• debit or credit balances

A list of accounts and their balances at a given time is called a(n)

• Journal

• Ledger

• Trial balance

• Income statement

An investment of cash by an owner of the business increases assets and

• increases equity

• Increases liability

• Decreases equity

• Decreases liability

In recording an accounting transaction in a double-entry system

• the number of debit accounts must equal the number of credit accounts

• there must always be entries made on both sides of the accounting equation

• the amount of the debits must equal the amount of the credits

• there must only be two accounts affected by any transaction

The ending retained earnings amount is shown on

• the statement of financial position only

• the retained earnings statement only

• both the income statement and the retained earnings statement

• both the statement of financial position & the retained earnings statement