both sides of the accountancy equation should be affected once recording a transaction making use of the double-enattempt system

You are watching: All of the following statements regarding the double-entry system are true except

Economic events that require recording in the financial statements are called accounting transactions.
Which of the complying with is not an example of a resource document that offers proof of a transaction?
On June 1, 2014, England Inc. reported a cash balance of $21,000. Throughout June, England made deposits of $8,000 and also made disbursements totaling $24,000. What is the cash balance at the end of June?
Ledger: The whole group of accounts maintained by a agency.Posting: Transferring journal entries to ledger accounts.Debit: Left side of an account.Chart of accounts: A list of all the accounts provided by a agency.Account: An accountancy record of boosts and decreases in particular assets, liabilities, and stockholders" equity items.Trial balance: A list of accounts and also their balances at a given time.Journal: Shows the delittle and also credit results of certain transactionsSource Document: Evidence that a transaction has actually taken place.Revenue account: Has a crmodify normal balanceNormal account balance: The side which rises an account.
All of the complying with are features of every accounting indevelopment mechanism other than it is a system
A money is investing capital raised from both institutional and also exclusive investors in a nonpublic firm to aid the firm with an anticipated acquisition. This type of investment would be known as
An auditor compares this year"s revenues and also costs through those of the prior year and also investigates all transforms exceeding 10%. By this procedure the auditor would be most most likely to learn that...




Horngren"s Financial & Managerial Accountingsixth EditionBrenda L Mattison, Ella Mae Matsumura, Tracie Miller-Nobles

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