Question 1

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 2

_______________ 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 3

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 4

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 5

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 6

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 7

_____________ and ______________ are the starting points for the analyzing and recording process.
Answers can appear in either order

Accepted Answer

The answer of _____________ and ______________ are the starting points...

Question 8

_____________________________ 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...

Question 9

The steps in the accounting process focus on analyzing and recording financial transactions and events within a company. Those steps are shown below. Using the number system of 1 as the first step and 4 as the last step in the process, number the steps in the correct order in which they would occur (1 thru 4).
_____ Record relevant transactions and events in a journal
_____ Post journal information to the ledger accounts
_____ Prepare and analyze the trial balance
_____ Analyzing each transaction

Accepted Answer

The answer of The steps in the accounting process focus...

Question 10

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...

Question 11

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 12

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) _______________...

Question 13

___________________ are promises of payment from customers to sellers.

Accepted Answer

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

Question 14

Revenues and expenses are two categories of ____________________ accounts.

Accepted Answer

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

Question 15

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 16

For each of the following (1) identify the type of account as an asset, liability, equity, revenue, or expense, and (2) identify the normal balance of the account.
Account

Accepted Answer

The answer of For each of the following (1) identify...

Question 17

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 18

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

Accepted Answer

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

Question 19

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 20

_________________ 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...

Quiz 2: Accounting for Business Transactions

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

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

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 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 _____________________.

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

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

_ and __ are the starting points for the analyzing and recording process. Answers can appear in either order

_____________________________ 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.

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

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

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

___________________ 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.

For each of the following (1) identify the type of account as an asset, liability, equity, revenue, or expense, and (2) identify the normal balance of the account. Account

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

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

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

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

Quiz 2: Accounting for Business Transactions

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

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

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 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 _____________________.

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

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

_____________ and ______________ are the starting points for the analyzing and recording process. Answers can appear in either order

_____________________________ 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.

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

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

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

___________________ 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.

For each of the following (1) identify the type of account as an asset, liability, equity, revenue, or expense, and (2) identify the normal balance of the account. Account

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

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

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

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

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

_ and __ are the starting points for the analyzing and recording process. Answers can appear in either 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

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