Question 1
Which are the main two purposes for the information collected and organized by
accountants?
ANSWER
used for taxation and advising purposes
Question 2
Which of the following statements is true?
a. Crediting an asset account increases the account balance
b. Crediting a liability or equity account decreases what is owed in those accounts
c. Debiting an asset account decreases the balance in that account
d. Debiting a liability or equity account decreases the account balance
ANSWER
A
Question 3
Unristricted Assetts
ANSWER
are donations made to charitable organizations or non-profits that have "no strings
attached".
1
,Question 4
trial balance
ANSWER
has traditionally been used to check that total debits matched total credits on a balance
sheet before producing the "polished" balance sheet.
Question 5
Temporarily restricted
ANSWER
assets are donations made to a non-profit or charitable organization that have restrictions
attached to them over a certain period of time.
Question 6
single-entry accounting
ANSWER
More common with very small buisness owners - involves recording every transaction only
once in a cash book, where transactions are recorded as either income or an expense.
Question 7
What is this?
ANSWER
T-Account - Graphic way of tracking all credits and debits
2
, Question 8
Subsidiary Ledgers
ANSWER
are groups of accounts that include detailed information about a larger account included in
the general ledger. ex: Account for every customer whom makes a purchase at a particular
buisness
Question 9
What is "a financial professional who is responsible for helping businesses keep their
finances up to date, organized and accurate" called?
ANSWER
A Bookeeper
Question 10
What is one of the most common reasons that businesses fail?
ANSWER
Poorly Managed Finances
Question 11
What are accounts called which "keep track of money invested into the business by business
owners and shareholders, as well as the retained profits of the business"?
ANSWER
Equity Accounts
3
Which are the main two purposes for the information collected and organized by
accountants?
ANSWER
used for taxation and advising purposes
Question 2
Which of the following statements is true?
a. Crediting an asset account increases the account balance
b. Crediting a liability or equity account decreases what is owed in those accounts
c. Debiting an asset account decreases the balance in that account
d. Debiting a liability or equity account decreases the account balance
ANSWER
A
Question 3
Unristricted Assetts
ANSWER
are donations made to charitable organizations or non-profits that have "no strings
attached".
1
,Question 4
trial balance
ANSWER
has traditionally been used to check that total debits matched total credits on a balance
sheet before producing the "polished" balance sheet.
Question 5
Temporarily restricted
ANSWER
assets are donations made to a non-profit or charitable organization that have restrictions
attached to them over a certain period of time.
Question 6
single-entry accounting
ANSWER
More common with very small buisness owners - involves recording every transaction only
once in a cash book, where transactions are recorded as either income or an expense.
Question 7
What is this?
ANSWER
T-Account - Graphic way of tracking all credits and debits
2
, Question 8
Subsidiary Ledgers
ANSWER
are groups of accounts that include detailed information about a larger account included in
the general ledger. ex: Account for every customer whom makes a purchase at a particular
buisness
Question 9
What is "a financial professional who is responsible for helping businesses keep their
finances up to date, organized and accurate" called?
ANSWER
A Bookeeper
Question 10
What is one of the most common reasons that businesses fail?
ANSWER
Poorly Managed Finances
Question 11
What are accounts called which "keep track of money invested into the business by business
owners and shareholders, as well as the retained profits of the business"?
ANSWER
Equity Accounts
3
