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ACC ch. 2 review
| Question | Answer |
|---|---|
| ____ are held by a seller | Accounts receivable |
| ____ arise from credit sales | Accounts receivable |
| ____ are classified as assets | Accounts receivable |
| ____ increased by billings to customers | Accounts receivable |
| ____ is a record of the increases and decreases in a specific asset, liability, equity, revenue, or expense | Account |
| ___ are liabilities recorded when customers pay in advance for products or services | Unearned revenues |
| ___ is a company’s written promissory note to pay a future amount | Note payable |
| a company puts in writing that they will pay you _____ | Note payable |
| ___ are assets from prepayments of future expenses | Prepaid expenses |
| We pay in advance for something ___ | Prepaid expenses |
| ___ is a collection of all accounts and their balances used by the company | General ledger |
| ____ a tool that represents a ledger account and is used to show the effects of transactions | T-account |
| What side does Debit go on the T-account? | Left side of the account |
| What side does Credit go on the T-account? | Right side of the account |
| ____ is the difference between the total debits and total credits for an account including the beginning balance | Account balance |
| _____ is an accounting system that records the effect of each transaction in at least two accounts, with at least one debit and one credit | Double-entry accounting system |
| _____ is the process of transferring journal entry information to the ledger | Posting |
| _____ is a list of all ledger accounts and their balances at a point in time | Trial balance |
| ____ the financial statement providing information that helps users understand a company's financial status | Balance Sheet |
| ____ lists the types and amounts of assets, liabilities, and equity as of a specific date | Balance Sheet |
| A company purchased equipment for cash. | • Debit Equipment • Credit Cash |
| A company purchased equipment on credit. | • Debit Equipment • Credit Accounts Payable |
| A company paid cash for this month’s utilities | • Debit Utilities Expense • Credit Cash |
| A company purchased supplies and paid cash immediately. | • Debit Supplies • Credit Cash |
| A company purchased supplies on credit | • Debit Supplies • Credit Accounts Payable |
| A company paid cash for a 5-month insurance policy that begins that day | • Debit Prepaid Insurance • Credit Cash |
| A company collected cash after providing services to a client | • Debit Cash • Credit Services Revenue |
| A company provided services and billed its client for the amount owed | • Debit Accounts Receivable • Credit Services Revenue |
| A company receives payment from a client billed in a previous month for services provided | • Debit Cash • Credit Accounts Receivable |
| A company receives cash in advance of providing services to a customer | • Debit Cash • Credit Unearned Revenue |
| A company paid cash to employees for work performed in the current period | • Debit Salaries Expense • Credit Cash |
| Do you need cash on income statement? | No, cash lives in the balance sheet |
| What lives in the income statement? | revenue and expenses |
| Order to do Financial Statements ____ | Income statement, Statement of Retained Earnings, Balance sheet |
| Equity is found in what T-balance | Income statement or Statement of Retained Earnings |
| T- balances are a part of ___ | The Financial Statement |
Created by:
22gonzalez
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