NBE accounting COMPEND| 161 questions| with complete solutions

Used for all types of business transactions correct answer: general journal used to record the buying of merchandise on credit correct answer: purchases journal used to record the receipt of cash correct answer: cash receipts journals used for recording sale of merchandise on credit correct answer: sales journal used to record the paying of cash correct answer: cash payments journals accounts receivable correct answer: current asset accounts payable correct answer: current liability funeral coach correct answer: fixed asset mortgage payable correct answer: fixed liability capital correct answer: proprietorship statement of financial condition correct answer: balance sheet check of equality of debits and credits correct answer: trial balance difference between assets and liabilities correct answer: owners equity things of value owned by a business correct answer: assets debts that a business owes correct answer: liabilities book of original entry correct answer: journal a book of accounts correct answer: ledger recording information in a ledger correct answer: posting statement of income, expenses, and net income or net loss for a period of time correct answer: income statement statement of assets, liabilities, and owners equity at a specific date correct answer: balance sheet properties of monetary value owned by