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D102 Financial Accounting Final OA Review Module 5 2024/2025 Exam Questions and Answers | 100% Solved $10.99
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D102 Financial Accounting Final OA Review Module 5 2024/2025 Exam Questions and Answers | 100% Solved

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D102 Financial Accounting Final OA Review Module 5 2024/2025 Exam Questions and Answers | 100% Solved General Journal -

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  • March 19, 2025
  • 11
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • Financial Accounting
  • Financial Accounting

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D102 Financial Accounting Final OA
Review Module 5 2024/2025 Exam
Questions and Answers | 100% Solved



General Journal - 🧠 ANSWER ✔✔where each transaction is initially

recorded, in debit-and-credit language. It can be thought of as a

chronological description of events.


account - 🧠 ANSWER ✔✔The impact of all of these events is summarized

by sorting each debit and each credit, by the item affected, and copying all

debits and credits impacting an item into one place, called an


General Ledger - 🧠 ANSWER ✔✔The collection of all of the accounts in a

company's accounting system is called the

A chronological record of all transactions of a business - 🧠 ANSWER

✔✔What is a general journal?


When recording items in the journal - 🧠 ANSWER ✔✔When does an

accountant perform transaction analysis?

Identify which accounts are involved.

COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
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STATEMENT. ALL RIGHTS RESERVED

, For each account, determine if it is increased or decreased.

For each account, determine by how much it has changed. - 🧠 ANSWER

✔✔When preparing a journal entry, a systematic method may be used in

analyzing every transaction. A journal entry involves a three-step process:

1. What accounts are involved? Cash, Capital Stock

2. Did the accounts increase or decrease? Cash + , Capital stock +

3. By how much did the account change?




Debit Cash $2,000


Credit Capital Stock $2,000 - 🧠 ANSWER ✔✔Individuals invest $2,000

cash in the business to become shareholders

1. What accounts are involved? Cash, Notes Payable

2. Did the accounts increase or decrease? Cash +, NP +

3. By how much did the account change?




Debit Cash $2,000




COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
2
STATEMENT. ALL RIGHTS RESERVED

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