Accounting Final Exam Review with all Correct & 100%
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accounting ✔Correct Answer-planning,recording,analyzing, and interpreting financial information.
accounting equation ✔Correct Answer-an equation showing the relationship among assets,
liabilities, and owner's equity.
accounts payable ledger ✔Correct Answer-a subsidiary ledger containing only account for vendors
from whom merchandise or other items are purchase on account
accumulated depreciation ✔Correct Answer-the total amount of depreciation expense that has
been recorded since the purchase of a plant asset.
Adjusting entries ✔Correct Answer-journal entries recorded to update general ledger accounts at
the end of a fiscal period
asset ✔Correct Answer-anything of value that is owned.
Balance Sheet ✔Correct Answer-a financial statement that reports assets, liabilities, and owner's
equity on a specific date.
Bank Statement ✔Correct Answer-A report of deposits, withdrawals, and bank balances sent to a
depositor by bank
board of directors ✔Correct Answer-a group of persons elected by the stockholders to manage a
corporation
business ethics ✔Correct Answer-the use of ethics in making business decisions.
Capital stock ✔Correct Answer-total shares of ownership in a corporation.
cash payments journal- ✔Correct Answer-a special journal used to record only cash (check)
payment transactions
chart of accounts ✔Correct Answer-a list of accounts used by businesses
Check ✔Correct Answer-A business form ordering a bank to pay cash from a bank account
Corporation ✔Correct Answer-an organization with the legal rightsof a person and which many
persons may own
Credit ✔Correct Answer-An amount recorded on the right side
Credit Card Sale ✔Correct Answer-A sale in which a credit card used for the total amount of the
sale at the time of the transaction.
Current Liabilities ✔Correct Answer-Liabilities due within a short time, usually within a year
Verified Answers |Latest Update |Already Graded A+
accounting ✔Correct Answer-planning,recording,analyzing, and interpreting financial information.
accounting equation ✔Correct Answer-an equation showing the relationship among assets,
liabilities, and owner's equity.
accounts payable ledger ✔Correct Answer-a subsidiary ledger containing only account for vendors
from whom merchandise or other items are purchase on account
accumulated depreciation ✔Correct Answer-the total amount of depreciation expense that has
been recorded since the purchase of a plant asset.
Adjusting entries ✔Correct Answer-journal entries recorded to update general ledger accounts at
the end of a fiscal period
asset ✔Correct Answer-anything of value that is owned.
Balance Sheet ✔Correct Answer-a financial statement that reports assets, liabilities, and owner's
equity on a specific date.
Bank Statement ✔Correct Answer-A report of deposits, withdrawals, and bank balances sent to a
depositor by bank
board of directors ✔Correct Answer-a group of persons elected by the stockholders to manage a
corporation
business ethics ✔Correct Answer-the use of ethics in making business decisions.
Capital stock ✔Correct Answer-total shares of ownership in a corporation.
cash payments journal- ✔Correct Answer-a special journal used to record only cash (check)
payment transactions
chart of accounts ✔Correct Answer-a list of accounts used by businesses
Check ✔Correct Answer-A business form ordering a bank to pay cash from a bank account
Corporation ✔Correct Answer-an organization with the legal rightsof a person and which many
persons may own
Credit ✔Correct Answer-An amount recorded on the right side
Credit Card Sale ✔Correct Answer-A sale in which a credit card used for the total amount of the
sale at the time of the transaction.
Current Liabilities ✔Correct Answer-Liabilities due within a short time, usually within a year
