Accounting II Exam Questions and
Answers with Verified Solutions | Latest
Updated 2026
anything of value that is asset
owned
an amount owed by a business liability
financial rights to the assets of equities
a business
the amount remaining after owner's equity
the value of all liabilities is
subtracted from the value of
all assets
equation showing the accounting equation
relationship among assets,
liabilities, and owner's equity;
stated as assets = liabilities +
owner's equity
recording of debit and credit double-entry accounting
parts of a transaction
a form of recording journal
transactions in chronological
order
, journal used to record only special journal
one kind of transaction
record summarizing all the account
information pertaining to a
single item in the accounting
equation
group of accounts ledger
ledger that contains all general ledger
accounts needed to prepare
financial statements
a ledger that is summarized in subsidiary ledger
a single general ledger
account
an account in a general ledger controlling account
that summarizes all accounts
in a subsidiary ledger
the procedure for arranging file maintenance
accounts in a general ledge,
assigning account numbers,
and keeping records current
an accounting system showing departmental accounting system
accounting information for two
or more departments
a business that purchases and merchandising business
sells goods
Answers with Verified Solutions | Latest
Updated 2026
anything of value that is asset
owned
an amount owed by a business liability
financial rights to the assets of equities
a business
the amount remaining after owner's equity
the value of all liabilities is
subtracted from the value of
all assets
equation showing the accounting equation
relationship among assets,
liabilities, and owner's equity;
stated as assets = liabilities +
owner's equity
recording of debit and credit double-entry accounting
parts of a transaction
a form of recording journal
transactions in chronological
order
, journal used to record only special journal
one kind of transaction
record summarizing all the account
information pertaining to a
single item in the accounting
equation
group of accounts ledger
ledger that contains all general ledger
accounts needed to prepare
financial statements
a ledger that is summarized in subsidiary ledger
a single general ledger
account
an account in a general ledger controlling account
that summarizes all accounts
in a subsidiary ledger
the procedure for arranging file maintenance
accounts in a general ledge,
assigning account numbers,
and keeping records current
an accounting system showing departmental accounting system
accounting information for two
or more departments
a business that purchases and merchandising business
sells goods
