D102 FINANCIAL ACCOUNTING FINAL
OA REVIEW MODULE 5 EXAM 2025/2026
QUESTIONS AND ANSWERS 100% PASS
General Journal - ANS where each transaction is initially recorded, in debit-and-credit
language. It can be thought of as a chronological description of events.
account - ANS 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 - ANS 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 - ANS What is a general journal?
When recording items in the journal - ANS When does an accountant perform transaction
analysis?
Identify which accounts are involved.
For each account, determine if it is increased or decreased.
For each account, determine by how much it has changed. - ANS When preparing a journal
entry, a systematic method may be used in analyzing every transaction. A journal entry involves
a three-step process:
1 @COPYRIGHT 2025/2026
, 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 - ANS 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
Credit Notes Payable $2,000 - ANS Borrowed $2,000 cash from a bank.
1. What accounts are involved? Cash , Truck
2. Did the accounts increase or decrease? Cash -, Truck +
3. By how much did the account change?
Debit Truck $800
Credit Cash $800 - ANS Buy a truck for $800 paying cash.
1. What accounts are involved? Equipment, AP
2. Did the accounts increase or decrease? Equipment +, AP +
3. By how much did the account change?
Debit Equipment $250
Credit AP $250 - ANS Buy equipment for $250 and agree to pay later.
2 @COPYRIGHT 2025/2026
OA REVIEW MODULE 5 EXAM 2025/2026
QUESTIONS AND ANSWERS 100% PASS
General Journal - ANS where each transaction is initially recorded, in debit-and-credit
language. It can be thought of as a chronological description of events.
account - ANS 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 - ANS 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 - ANS What is a general journal?
When recording items in the journal - ANS When does an accountant perform transaction
analysis?
Identify which accounts are involved.
For each account, determine if it is increased or decreased.
For each account, determine by how much it has changed. - ANS When preparing a journal
entry, a systematic method may be used in analyzing every transaction. A journal entry involves
a three-step process:
1 @COPYRIGHT 2025/2026
, 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 - ANS 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
Credit Notes Payable $2,000 - ANS Borrowed $2,000 cash from a bank.
1. What accounts are involved? Cash , Truck
2. Did the accounts increase or decrease? Cash -, Truck +
3. By how much did the account change?
Debit Truck $800
Credit Cash $800 - ANS Buy a truck for $800 paying cash.
1. What accounts are involved? Equipment, AP
2. Did the accounts increase or decrease? Equipment +, AP +
3. By how much did the account change?
Debit Equipment $250
Credit AP $250 - ANS Buy equipment for $250 and agree to pay later.
2 @COPYRIGHT 2025/2026
