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WorksheetsAccounting Chapters 1-4 Review
Total questions: 20
Worksheet time: 8mins
In Assets where would the normal balance be?
Credit
Debit
The procedure for arranging accounts in the general ledger is
Arranging
File Management
File Maintenance
File arrangement
Assets are
Things you own
What your worth
Things you owe
An incorrect entry should always be corrected with an additional entry called
Correcting Entry
New Entry
Existing Entry
Correct Entry
What is a record summarizing all the information?
Memorandum
Check
Account
Where must data be recorded and reported in?
Ledger
Assets
Accounting Reports
Account Number
In owner's capital which would increase Debit, or Credit
Credit
Debit
In assets would debit increase or decrease
Increase
Decrease
A form on which a brief message is written to describe a transaction is called?
Memorandom
Receipt
Sales Ticket
Invoice
Things you owe
Owner's Equity
Asset
Liability
What is a receipt used for
Describing the goods and services sold
Ordering a bank to pay cash from a bank account
Paper from which information is obtained for journal entry
Written acknowledgement for cash received
What else can a sales invoice be referred as?
Check
Source Document
Sales Ticket
Entry
Equity is
The similarities between assets and liabilities
The difference between assets and liabilities
Recording transactions in a journal is called
Journalizing
Memorandum
Entry
Sales Slip
Whats the accounting equation
Owner's Equity=Assets+Liabilities
Assets=Liabilities-Owner's Equity
Assets+Liabilities=Owner's Equity
Assets=Liabilities+Owner's Equity
Posting in transferring info from the journal entry to the general ledger
False
True
A general ledger only includes one account needed to prepare financial statement
True
False
A device used to analyze transactions?
Checking Accounting
T Account
A group of accounts is called
Journal
Assets
Ledger
Chart of Accounts
What is a form for recording transactions in chronological order?
Ledger
Journal
Assets
Owner Equity
