WILEY PLUS ACCOUNTING CHAPTER
3,4 QUESTIONS AND ANSWERS WITH
VERIFIED SOLUTIONS 100% CORRECT
(GRADED A+)
ledger order - ANSWER✔✔ 1.analyze business transactions
2. journalize the transactions
3. post to ledger accounts
4.prepare a trial balance
5.journalize and post adjusting entries
6.prepare an adjusted trial balance
7.prepare financial statements
8.journalize and post closing entires
9.prepare a post closing trail balance
account - ANSWER✔✔ An individual accounting record of increases and
decreases in specific asset, liability, stockholders' equity, revenue or expense items.
Accounting Information System - ANSWER✔✔ The system of collecting and
processing transaction data and communicating financial information to decision-
makers.
accounting transactions - ANSWER✔✔ Events that require recording in the
financial statements because they affect assets, liabilities, or stockholders' equity.
chart of accounts - ANSWER✔✔ a list of accounts used by a business
, credit - ANSWER✔✔ The right side of a T-account
Debit - ANSWER✔✔ the left side of an account
Double-entry system - ANSWER✔✔ A system that records the two-sided effect of
each transaction in appropriate accounts.
General Journal - ANSWER✔✔ the most basic form of journal
General Ledger - ANSWER✔✔ A ledger that contains all asset, liability,
stockholders' equity, revenue, and expense accounts.
journal - ANSWER✔✔ an accounting record in which transactions are initially
recorded in chronological order
Ledger - ANSWER✔✔ the group of accounts maintained by a company
Posting - ANSWER✔✔ the procedure of transferring journal entry amounts to the
ledger accounts
T account - ANSWER✔✔ the basic form of an account
Trial Balance - ANSWER✔✔ a list of accounts and their balances at a given time
adjusted trial balance - ANSWER✔✔ a list of accounts and their balances after all
adjustments have been made
3,4 QUESTIONS AND ANSWERS WITH
VERIFIED SOLUTIONS 100% CORRECT
(GRADED A+)
ledger order - ANSWER✔✔ 1.analyze business transactions
2. journalize the transactions
3. post to ledger accounts
4.prepare a trial balance
5.journalize and post adjusting entries
6.prepare an adjusted trial balance
7.prepare financial statements
8.journalize and post closing entires
9.prepare a post closing trail balance
account - ANSWER✔✔ An individual accounting record of increases and
decreases in specific asset, liability, stockholders' equity, revenue or expense items.
Accounting Information System - ANSWER✔✔ The system of collecting and
processing transaction data and communicating financial information to decision-
makers.
accounting transactions - ANSWER✔✔ Events that require recording in the
financial statements because they affect assets, liabilities, or stockholders' equity.
chart of accounts - ANSWER✔✔ a list of accounts used by a business
, credit - ANSWER✔✔ The right side of a T-account
Debit - ANSWER✔✔ the left side of an account
Double-entry system - ANSWER✔✔ A system that records the two-sided effect of
each transaction in appropriate accounts.
General Journal - ANSWER✔✔ the most basic form of journal
General Ledger - ANSWER✔✔ A ledger that contains all asset, liability,
stockholders' equity, revenue, and expense accounts.
journal - ANSWER✔✔ an accounting record in which transactions are initially
recorded in chronological order
Ledger - ANSWER✔✔ the group of accounts maintained by a company
Posting - ANSWER✔✔ the procedure of transferring journal entry amounts to the
ledger accounts
T account - ANSWER✔✔ the basic form of an account
Trial Balance - ANSWER✔✔ a list of accounts and their balances at a given time
adjusted trial balance - ANSWER✔✔ a list of accounts and their balances after all
adjustments have been made
