Question 1

Unearned revenue is classified as a(an)_______________ on a business's balance sheet.

Accepted Answer

The answer of Unearned revenue is classified as a(an)_______________ on...

Question 2

_____________________________ requires that each transaction affect,and be recorded in,at least two accounts.It also means that total amounts debited must equal total amounts credited for each transaction.

Accepted Answer

The answer of _____________________________ requires that each transaction affect,and be...

Question 3

A more structured format that is similar to a T-account in that it has columns for debits and credits,but that is different in that it has columns for transaction date,explanation,and the account balance is the _____________________.

Accepted Answer

The answer of A more structured format that is similar...

Question 4

You decrease the Accounts Payable account on the ___________ side of its account.

Accepted Answer

The answer of You decrease the Accounts Payable account on...

Question 5

The posting process is the link between the _______________ and the _____________.
Answers can be recorded in either order.

Accepted Answer

The answer of The posting process is the link between...

Question 6

The second step in the analyzing and recording process is to record the transactions and events in the book of original entry,called the ______________.

Accepted Answer

The answer of The second step in the analyzing and...

Question 7

_______________ is the process of transferring journal entry information from the journal to the ledger.

Accepted Answer

The answer of _______________ is the process of transferring journal...

Question 8

A ____________ gives a complete record of each transaction in one place,and shows debits and credits for each transaction.

Accepted Answer

The answer of A ____________ gives a complete record of...

Question 9

_________________ documents identify and describe transactions and events and provide objective evidence and amounts for recording.

Accepted Answer

The answer of _________________ documents identify and describe transactions and...

Question 10

___________________ are promises of payment from customers to sellers.

Accepted Answer

The answer of ___________________ are promises of payment from customers...

Question 11

Revenues and expenses are two categories of ____________________ accounts.

Accepted Answer

The answer of Revenues and expenses are two categories of...

Question 12

A _______________ is a list of all the accounts used by a company and their identification codes but does not contain the balances.

Accepted Answer

The answer of A _______________ is a list of all...

Question 13

The _______________________ is a record containing all accounts used by a company as well as the transactions and ending balances of each of the accounts.
Either answer is acceptable.

Accepted Answer

The answer of The _______________________ is a record containing all...

Question 14

The four categories of equity accounts are ________________,__________________,______________________,and ______________________.
Answers can appear in any order.

Accepted Answer

The answer of The four categories of equity accounts are...

Question 15

To increase an asset account we would _______________ it and to increase a liability account,we would ______________ it.
Answers need to appear in the order shown above.

Accepted Answer

The answer of To increase an asset account we would...

Question 16

You increase the Service Revenue account on the ___________ side of its account.

Accepted Answer

The answer of You increase the Service Revenue account on...

Question 17

Funky Music purchased $25,000 of equipment for cash.The Equipment asset account is _______________ for $25,000 and the cash account is _______________ for $25,000.
Answers need to appear in the order as shown above.

Accepted Answer

The answer of Funky Music purchased $25,000 of equipment for...

Question 18

A record containing all the separate accounts for a company as well as all of their balances is called the ___________________.

Accepted Answer

The answer of A record containing all the separate accounts...

Question 19

The _____________________ is found by determining the difference between total debits and total credits for an account,including any beginning balance.

Accepted Answer

The answer of The _____________________ is found by determining the...

Question 20

The third step in the analyzing and recording process is to post the information to the ___________________.

Accepted Answer

The answer of The third step in the analyzing and...

Quiz 2: Analyzing and Recording Transactions

Unearned revenue is classified as a(an)_______________ on a business's balance sheet.

_____________________________ requires that each transaction affect,and be recorded in,at least two accounts.It also means that total amounts debited must equal total amounts credited for each transaction.

A more structured format that is similar to a T-account in that it has columns for debits and credits,but that is different in that it has columns for transaction date,explanation,and the account balance is the _____________________.

You decrease the Accounts Payable account on the ___________ side of its account.

The posting process is the link between the ___ and the _. Answers can be recorded in either order.

The second step in the analyzing and recording process is to record the transactions and events in the book of original entry,called the ______________.

_______________ is the process of transferring journal entry information from the journal to the ledger.

A ____________ gives a complete record of each transaction in one place,and shows debits and credits for each transaction.

_________________ documents identify and describe transactions and events and provide objective evidence and amounts for recording.

___________________ are promises of payment from customers to sellers.

Revenues and expenses are two categories of ____________________ accounts.

A _______________ is a list of all the accounts used by a company and their identification codes but does not contain the balances.

The _______________________ is a record containing all accounts used by a company as well as the transactions and ending balances of each of the accounts. Either answer is acceptable.

The four categories of equity accounts are ,,,and ______. Answers can appear in any order.

To increase an asset account we would _ it and to increase a liability account,we would it. Answers need to appear in the order shown above.

You increase the Service Revenue account on the ___________ side of its account.

Funky Music purchased $25,000 of equipment for cash.The Equipment asset account is _ for $25,000 and the cash account is _ for $25,000. Answers need to appear in the order as shown above.

A record containing all the separate accounts for a company as well as all of their balances is called the ___________________.

The _____________________ is found by determining the difference between total debits and total credits for an account,including any beginning balance.

The third step in the analyzing and recording process is to post the information to the ___________________.

Quiz 2: Analyzing and Recording Transactions

Unearned revenue is classified as a(an)_______________ on a business's balance sheet.

_____________________________ requires that each transaction affect,and be recorded in,at least two accounts.It also means that total amounts debited must equal total amounts credited for each transaction.

A more structured format that is similar to a T-account in that it has columns for debits and credits,but that is different in that it has columns for transaction date,explanation,and the account balance is the _____________________.

You decrease the Accounts Payable account on the ___________ side of its account.

The posting process is the link between the _______________ and the _____________. Answers can be recorded in either order.

The second step in the analyzing and recording process is to record the transactions and events in the book of original entry,called the ______________.

_______________ is the process of transferring journal entry information from the journal to the ledger.

A ____________ gives a complete record of each transaction in one place,and shows debits and credits for each transaction.

_________________ documents identify and describe transactions and events and provide objective evidence and amounts for recording.

___________________ are promises of payment from customers to sellers.

Revenues and expenses are two categories of ____________________ accounts.

A _______________ is a list of all the accounts used by a company and their identification codes but does not contain the balances.

The _______________________ is a record containing all accounts used by a company as well as the transactions and ending balances of each of the accounts. Either answer is acceptable.

The four categories of equity accounts are ________________,__________________,______________________,and ______________________. Answers can appear in any order.

To increase an asset account we would _______________ it and to increase a liability account,we would ______________ it. Answers need to appear in the order shown above.

You increase the Service Revenue account on the ___________ side of its account.

Funky Music purchased $25,000 of equipment for cash.The Equipment asset account is _______________ for $25,000 and the cash account is _______________ for $25,000. Answers need to appear in the order as shown above.

A record containing all the separate accounts for a company as well as all of their balances is called the ___________________.

The _____________________ is found by determining the difference between total debits and total credits for an account,including any beginning balance.

The third step in the analyzing and recording process is to post the information to the ___________________.

The posting process is the link between the ___ and the _. Answers can be recorded in either order.

The four categories of equity accounts are ,,,and ______. Answers can appear in any order.

To increase an asset account we would _ it and to increase a liability account,we would it. Answers need to appear in the order shown above.

Funky Music purchased $25,000 of equipment for cash.The Equipment asset account is _ for $25,000 and the cash account is _ for $25,000. Answers need to appear in the order as shown above.