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Accounting Review
Accounting Review
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Review for Grade 12 Accounting
Flashcards
17 cards
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Practice quiz
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Host live
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Questions
17
Answers
1
What is the normal balance for an expense account?
Contraliability
Debit
None of these
Credit
2
True or False? To "debit" an account means to add to it.
True
False
3
When we talk about accounting, what kind of job do we mean?
All of bookkeeping, auditing, consulting, and more.
Bookkeeping only.
Bookkeeping and auditing.
Bookkeeping and consulting.
4
The assumption that economic events can be identified with a particular unit of accountability
Double-entry assumption
Economic entity assumption
Monetary unit assumption
Going concern assumption
5
What kind of balance sheet makes distinctions between current and capital assets?
Keynesian
Gregarian
Classified
Normal
6
The act of transferring the information from the Journal to the Ledger is called what?
Pasting
Posting
Journalizing
Transferring
7
Ms. Wong loves....
Dogs
All of the above
Disney
Hello Kitty
8
What does the accounting acronym G.A.A.P. stand for?
Generally accepted accounting practices
Generally accepted accounting principles
9
Transactions are to be recorded in the period that they occur is a(n)
Cash basis of accounting
Accrual basis of accounting
Economic basis of accounting
Transaction basis of accounting
10
What does the certification CPA stands for
Chartered Professional Accountants
Chartered Public Accountants
Certified Professional Accountants
11
Billing for services rendered and have not received the $, the transaction is recorded as a(n)
accrued expense
prepaid expense
accrued revenue
unearned revenue
12
How do you get the Current Ratio?
divide capital assets by current liabilities
divide long-term liabilities by current assets
divide current liabilities by current assets
divide current assets by current liabilities
13
Who would you go to to have prepare your income tax documentation, public or private?
Private
Public
14
If a mistake is made in a journal entry, two correcting entries are required to fix it.
True
False
15
What does Ms. Wong like to drink
Tea
Coffee
16
Usually, what asset account in a company's ledger is the most liquid?
Cash in Bank
Investment
Accounting Receivable
Cash on Hand
17
The abbreviations for debit and credit (Dr. and Cr.) come from what language, and mean what?
Latin, debere and credere
Latin, debitor and creditor
Greek, debitor and creditor
Greek, debere and credere
