Accounting Fall Semester Online Test
| Description: Accounting Fall Semester Test #finance | |
| Number of Questions: 30 | |
| Created by: Seema Agrawal | |
| Tags: finance |
An increase in revenue resulting from a sale on account should be recorded
A check endorsement that limits further negotiating of the check. "For deposit only"
When you place cash or checks in a bank account, you must fill out a
The account used to summarize the owner's equity in a business.
When cash is received from sales, the change in owner's equity is
Financial statements must contain all necessary information to meet which accounting concept?
The asset most commonly withdrawn by business owners.
Buying items and paying for them later is
A decrease in owner's equity resulting from normal business operations.
A journal amount column headed with an account title.
You invest $5,000, buy $1,000 in supplies on account, and $500 of prepaid insurance with cash.
Preparing financial statements at the end of each monthly fiscal period.
The principles of right and wrong that guide an individual in making decisions.
The percentage relationship between a financial statement item and the total.
Following the same accounting procedures in the same way each accounting cycle.
An endorsement with just your signature on the back of a check.
The accounting equation is most often stated as
The use of personal ethics when making business decisions.
Recording business transactions in dollars follows which accounting concept?
The amount paid for rent is recorded as a debit to
Preparing source documents for each transaction follows which accounting concept?
Recording and reporting a business' financial information separate from the owner's.
When total revenue is greater than total expenses
A check endorsement that transfers ownership of the check to a new person.
Recording revenue and expenses in the same accounting period for a business.
A business form ordering a bank to pay cash on your behalf is a
The first digit in the account number 240 means the account is in the _____ division.
When a business buys insurance, insurance is
The procedure for transferring information from a journal to a general ledger.
Which account is used to summarize the owner's equity in a business?