University:
Stanford University
Course:
ACCT 152 | Introduction to Financial Accounting
Academic year:

2019
Views:

269

Pages:

2
Author:

Accinkiquicpqw

1. A record of the increases and decreases in a specific account in a(n): account 2. Which of the following accounts is an asset? Prepaid advertising 3. Which of the following accounts is a liability? Accounts payable 4. Which of the following accounts is an equity? Common stock 5. Which of the following statements are true about the chart of accounts? Different companies use different charts of accounts based on individual company needs and the chart of accounts should be ordered in a logical sequence based on type of account. 6. Which of the following statements are true about the general ledger? The general ledger contains all of the accounts that a company uses, along with details of the balances in those accounts. 7. Which of the following is a true statement about debits and credits? A credit is on the right side of an account. 8. With double-entry accounting, each transaction requires: that at least two accounts are affected and that the total debits will equal the total credits. 9. 10. Correctly identify steps 3 and 4 of the accounting process: Step 3: record transactions into the journal; Step 4: post entries into the ledger. 11. The process of recording transactions in a journal is called: Journalizing 12. Why are posting references entered in the journal when entries are posted to the ledger accounts? So we will know that the entry has been posted. 13. Alex invested $30,000 in cash in his business. How will this entry be posted in the: the $30,00 will be posted to the debit side of the Cash account and the $30,000 will be posted to the credit side of the common stock account