Accounting Summit 23

Where would you find T-accounts?

• general ledger

• general journal

• balance sheet

• income statement

A _____ is a list of all general ledger accounts contained in the ledger of a business.

• Closing entry

• Trial balance

• Adjusted trial balance

• Financial statement

Who or what does a company's financial statements represent?

• The company's employees

• The customers

• They do not represent anything

• The company itself

Assets are:

• an obligation of the company to transfer something of value

• the value of a company to its owner

• an item of value owned by a company

Solve: 150% of $84

• 42

• 72

• 126

• 168

To help organize transactions, a business needs to set up a system of ________.

• accounts

• transaction records

• debits and credits

________ are recorded on the left-hand column of an accounting journal.

• Debits

• Credits

What financial statement provides information about a company's assets, liabilities, and equity at a specific point in time?

• Statement of Owner's Equity

• Statement of Cash Flows

• Income Statement

• Balance Sheet

To help organize transactions a business needs to set up a system of _______.

• transaction records

• debits and credits

• accounts

What does accounting include?

• hiring, reviewing, and firing employees

• logging transactions and running and interpreting financial reports

• choosing items to sell and how to track inventory

• logging transactions and running reports