ACCOUNTING 211 Liberty University -ACCT 211 Final Exam well answered rated A+

ACCT 211 Final ExamFalse - correct answer Understanding generally accepted accounting principles is not necessary to effectively use and interpret financial statements Assets=Liability + Equity - correct answer Accounting Equation False - correct answer From an accounting perspective, an event is a happening that affects the accounting equation, but cannot be measured Accounts Payable - correct answer All of the following are assets except: Accounts Payable Accounts Receivable Cash Supplies Prepaid Insurance True - correct answer Crediting an expense account decreases it False - correct answer The general journal is known as the book of final entry because financial statements are prepared from it Ledger (or General ledger) - correct answer The record of all accounts and their balances used by a business is called a: A column for showing the balance of the account after each entry is posted - correct answer The balance column in a ledger account is