Financial accounting test 1 UC Questions
With Solutions 100% Correct
Cash Flow Statement Financial statement that lists receipts and payments during a period
account Record within an accounting system in which increases and decreases are entered
and stored in a specific asset, liability, equity, revenue, or expense.
Account Balance difference between total debits and total credits for an account
Credit recorded on the right side. decreases debit or increases liabilities
Debit Recorded on the left side; an entry that increases asset and expense accounts, and
decreases liability, revenue, and most equity accounts; abbreviated Dr.
Journal Record in which transactions are entered before they are posted to ledger
accounts; also called book of original entry.
ledger a record containing all accounts used by a company
With Solutions 100% Correct
Cash Flow Statement Financial statement that lists receipts and payments during a period
account Record within an accounting system in which increases and decreases are entered
and stored in a specific asset, liability, equity, revenue, or expense.
Account Balance difference between total debits and total credits for an account
Credit recorded on the right side. decreases debit or increases liabilities
Debit Recorded on the left side; an entry that increases asset and expense accounts, and
decreases liability, revenue, and most equity accounts; abbreviated Dr.
Journal Record in which transactions are entered before they are posted to ledger
accounts; also called book of original entry.
ledger a record containing all accounts used by a company
