Accounting EOC Review 3

Which accounts require a closing entry?

The process of recording business transactions in a journal is called...

What is in balance after every transaction?

If you buy $100 of merchandise with terms 2/10 n/30 and pay after 11 days, how much do you pay?

Purchases Discounts is classified as what type of account?

A journal entry will always affect at least _____ accounts.

When closing the Revenue account, where do you transfer the balance?

A journal entry with two or more debits, or two or more credits is known as a.....

What is the difference between the Trial Balance and the Post-Closing Trial Balance?

When revenue is smaller than expenses, the result is....

Why are Special Journals used?

If you buy $100 of merchandise with terms 2/10 n/30, when are you required to pay the bill?

The amount of revenue remaining after expenses are paid is called?

What is a transposition error?

When revenue is larger than expenses, the result is....

What are the main documents created from the worksheet?

What is a slide error?

What needs to balance in the Trial Balance?

If you buy $100 of merchandise with terms 2/10 n/30 and pay after 9 days, how much do you pay?

When closing the withdrawals account, where do you transfer the balance?