Lipincott Study guides, Class notes & Summaries

Principles Of Accounting Test Questions And Answers The following comments all relate to the recording process. Which of these statements is correct? - ANSWER- The general ledger is posted from transactions recorded in the general journal. Of the following account types, which would be increased by a debit? - ANSWER- Assets and expenses The following comments each relate to the recording of journal entries. Which statement is true? - ANSWER- Journalization is the process of converting t...

study guide to boos your grade

Question 1. Of the following account types, which would be increased by a debit? a. Liabilities and expenses. b. Assets and equity. c. Assets and expenses. d. Equity and revenues. 2. The following comments all relate to the recording process. Which of these statements is correct? a. The general ledger is a chronological record of transactions. b. The general ledger is posted from transactions recorded in the general journal. c. The trial balance provides the primary source document for recording...

Question 1. Of the following account types, which would be increased by a debit? a. Liabilities and expenses. b. Assets and equity. c. Assets and expenses. d. Equity and revenues. 2. The following comments all relate to the recording process. Which of these statements is correct? a. The general ledger is a chronological record of transactions. b. The general ledger is posted from transactions recorded in the general journal. c. The trial balance provides the primary source document for recording...