Accounting Exams Online Practice Test
| Description: Accounting Exams Online Practice Test #finance | |
| Number of Questions: 39 | |
| Created by: Jatin Goyal | |
| Tags: finance |
To close the all expenses, you must do what to the account income summary
The accounting concept that states all accounting records should be recorded in dollars
Money spent on things where you don't get an asset in return is called a(n) ?
The financial rights to the assets of a business is called
What type of accounts do we close?
What statement shows financial progress?
What type of account will not show up on a post-closing trial balance?
A check with a future date on it is calledÂ
What endorsement consists of the words "For Deposit Only"
What account is used to record a service charge
What account is used for small quick purchases?
What is the last account closed in closing entries?
If there is a net income, what will be the balance of income summary
What is the normal balance for income summary?
What is the last part of a heading?
What column of the journal will you wait to post as a total?
Information to complete a trial balance comes from the
Transferring Information from a journal to a ledger is called?
Recording transactions into both debit and credit parts is called
Revenue - Expenses = ________________
What is the source document for a cash sale?
What financial statement reports on financial condition?
What is the last step of the accounting cycle?
What is the first step of posting?
What account is closed in the first closing entry?
Preparing an income statement fulfills what accounting concept?
Which of the following accounts will not be on a balance sheet?
What type of account is not a permanent account?
Which of the following is not a temporary account?
The left side of an account is called the ?
What account number does every liability account begin with?
What type of endorsement consists of only a person's signature
What accounting concept states that you keep records as if your business never stop?
What accounting concept states that business records must be kept separate from personal?
What is the source document for all sales on account?
Anything of value that is owned is called a(n)?
The side that an account increases on is called the?
What account do we use to record money that we owe a person or company?
What is the basic accounting equation?