Accounting provides information to:
all of the above
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A chart of accounts:
is a listing of all the accounts used by a company
include account balances
all of the above
is set up in alphabetical order
Which of the following accounts would be increased by adebit?
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fees earned
accounts payable
Financial statements that are prepared for a period shorter thata year are called:
interim statements
fiscal year statements
monthly statements
accounting period statements
Revenue is traditionally recognized in the accounting recordswhen:
service is rendered
cash is received
none of the above
it is incurred
Accounts Payable had a normal starting balance of $800. Therewere debit postings of $600 and credit postings of $300 during themonth. The ending balance is:
$1000 credit
$500 debit
$1000 credit
$500 credit
A ledger:
is a group of accounts and their balances
none of these answers are correct
is the same as a chart of accounts
can replace the financial statements
A journal entry affecting three or more accounts is called a
compound entry
multi-step entry
simple entry
multi-level entry
The process that begins with recording business transactions,and includes the completion of the financial statements is the:
natural business year
calendar year
accounting cycle
fiscal year
The left side of any account is the:
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credit side
debit side
ending balance
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