ACCT I - Final Review

When a business pays cash on account, a liability account is

When cash is received from sales, the change in the owner's equity is usually

The endorsement on the back of a check consisting only of a signature is

A balance sheet reports a business's financial

The normal balance of any liability account is the

Temporary Accounts begin each new fiscal period with a

At the end of the fiscal period, the first closing entry will be to close

Which two accounts follow the same debit and credit rules?

A chart of accounts typically begins with

Increases in an expense account are shown on the:

Which of the following accounts will probably need to be adjusted at the end of the fiscal pd?

Which of the following is not a permanent account

The entry to journalize the replenishment of petty cash includes a

Accounts payable is classified as a/an

Accounts Receivable is classified as a/an

The journal entry to adjust Prepaid Insurance is

The normal balance side if any asset account is the

T or F: Income Summary does not have a normal balance

In accounting, the terms debit and credit indicate, respectively

A creditor's claim against the assets of a business is called

To establish petty cash, you must

Tori Doyle, Drawing is classified as a/an

When the owner invests cash in a business, the owner's capital account is

When $3,500 cash is received on account

Prepaid Insurance is classified as a/an

The procedure for transferring information from a journal entry to a ledger account is

Sales is classified as a/an