Financial accounting module 2 quiz Questions and Answers 100% Pass

Financial accounting module 2 quiz
1. the right side of an account Cr: credit
2. the left side of an account Dr: debit
3. the most basic form of journal; simple and flexible: general journal
4. each account is places in a separate page or card which is placed in a book
or file: general ledger
5. device used to ensure the total debits and the credits are equal: trial balance
6. the difficulty associated with not knowing how long a business will survive.-
: Continuity
7. the assumption that unless there is evidence to the contrary, a business will
continue to operate indefinitely.: Going concern
8. the convention that refers to the relative importance of an item or event in a
financial statement and its influence on the decisions of the users of financial
statements: Materiality
9. A financial statement that summarizes the revenues earned and expenses
incurred by a business over an accounting period.: Income statement
10. The financial statement that shoes a businesses assets liabilities and
owners equity as of a specific date.( statement of financial position): Balance
sheet
11. A financial statement that shoes the changes in owners equity over an
accounting period.: Statement of owners equity




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