ACC 2 Ch 4 Review

Listing of vendor accounts, account balances, and the total amount due to all vendors is called:

• Schedule of Accounts Payable

• Schedule of Accounts Receivable

• Customer Ledger

• Vendor Ledger

Assigning control of revenues, costs, and expenses to a specific manager is called:

• Responsibility Accounting

• Management Control

• Segment Accounting

• Financial Accounting

Financial statement that reports assets, liabilities, and owners’ equity on a specific date is called:

• Balance Sheet

• Income Statement

• Schedule of Accounts Receivable

• Statement of Stockholders' Equity

Earnings distributed to stockholders is called:

• Dividends

• Depreciation Expense

• Gross Profit

• Retained Earnings

Reporting an amount on a financial statement as a percentage of another item on the same financial statement is called:

• Vertical Analysis

• Gross Profit

• Financial Ratio

• Marginal Tax Rate

Portion of a plants asset’s cost that is transferred to an expense account in each fiscal period during that asset’s useful life is called:

• Depreciation Expense

• Marginal Tax Rate

• Fiscal Period

• Direct Expense

Trial balance prepared before adjusting entries are posted is called:

• Unadjusted Trial Balance

• Adjusted Trial Balance

• Balance Sheet

• Income Statement

Length of time for which a business summarizes its financial information and reports its financial performance is called:

• Fiscal Period

• Fiscal Year

• Trial Balance

• Worksheet

Trial balance prepared after the closing entries are posted is called:

• Adjusted Trial Balance

• Unadjusted Trial Balance

• Post-Closing Trial Balance

• Balance Sheet

Cash receipts and payments necessary to operate a business on a day-to-day basis is called:

• Operating activities

• Investing activities

• Financing activities