Accounting II Exam with all Correct & 100% Verified
Answers |Latest Update |Already Graded A+
asset ✔Correct Answer-anything of value that is owned
liability ✔Correct Answer-an amount owed by a business
equities ✔Correct Answer-financial rights to the assets of a business
owner's equity ✔Correct Answer-the amount remaining after the value of all liabilities is
subtracted from the value of all assets
accounting equation ✔Correct Answer-equation showing the relationship among assets, liabilities,
and owner's equity; stated as assets = liabilities + owner's equity
double-entry accounting ✔Correct Answer-recording of debit and credit parts of a transaction
journal ✔Correct Answer-a form of recording transactions in chronological order
special journal ✔Correct Answer-journal used to record only one kind of transaction
account ✔Correct Answer-record summarizing all the information pertaining to a single item in the
accounting equation
ledger ✔Correct Answer-group of accounts
general ledger ✔Correct Answer-ledger that contains all accounts needed to prepare financial
statements
subsidiary ledger ✔Correct Answer-a ledger that is summarized in a single general ledger account
controlling account ✔Correct Answer-an account in a general ledger that summarizes all accounts
in a subsidiary ledger
file maintenance ✔Correct Answer-the procedure for arranging accounts in a general ledge,
assigning account numbers, and keeping records current
departmental accounting system ✔Correct Answer-an accounting system showing accounting
information for two or more departments
merchandising business ✔Correct Answer-a business that purchases and sells goods
posting ✔Correct Answer-transferring information from a journal entry to a ledger account
debit memorandum ✔Correct Answer-a form prepared by the customer showing the price
deduction taken by the customer for returns and allowances
contra account ✔Correct Answer-an account that reduces a related account on a financial
statement
Answers |Latest Update |Already Graded A+
asset ✔Correct Answer-anything of value that is owned
liability ✔Correct Answer-an amount owed by a business
equities ✔Correct Answer-financial rights to the assets of a business
owner's equity ✔Correct Answer-the amount remaining after the value of all liabilities is
subtracted from the value of all assets
accounting equation ✔Correct Answer-equation showing the relationship among assets, liabilities,
and owner's equity; stated as assets = liabilities + owner's equity
double-entry accounting ✔Correct Answer-recording of debit and credit parts of a transaction
journal ✔Correct Answer-a form of recording transactions in chronological order
special journal ✔Correct Answer-journal used to record only one kind of transaction
account ✔Correct Answer-record summarizing all the information pertaining to a single item in the
accounting equation
ledger ✔Correct Answer-group of accounts
general ledger ✔Correct Answer-ledger that contains all accounts needed to prepare financial
statements
subsidiary ledger ✔Correct Answer-a ledger that is summarized in a single general ledger account
controlling account ✔Correct Answer-an account in a general ledger that summarizes all accounts
in a subsidiary ledger
file maintenance ✔Correct Answer-the procedure for arranging accounts in a general ledge,
assigning account numbers, and keeping records current
departmental accounting system ✔Correct Answer-an accounting system showing accounting
information for two or more departments
merchandising business ✔Correct Answer-a business that purchases and sells goods
posting ✔Correct Answer-transferring information from a journal entry to a ledger account
debit memorandum ✔Correct Answer-a form prepared by the customer showing the price
deduction taken by the customer for returns and allowances
contra account ✔Correct Answer-an account that reduces a related account on a financial
statement
