You are watching: The entire group of accounts maintained by a company is called the
The mechanism of collecting and handling transactivity and also communicating financial information to decision makers.
Events that need recording in the financial statements bereason they affect assets, liabilities, or stockholders" equity.
-Increase assets-Decrease liabilities-Decrease widespread stock-Decrease kept earnings-Decrease revenue-Increase expenses
-Decrease assets-Increase liabilities-Increase common stock-Increase retained earnings-Increase revenue-Decrease expenses
1. Analyze each transaction2. Get in transaction in a journal3. Transfer journal indevelopment to ledger accounts
-Proves the mathematical equality of debits and also credits after posting.-May likewise uncover errors in journalizing and posting.-Is advantageous in the preparation of financial statements.
-List the account titles and also their balances.-Total the delittle column and complete the credit column.-Verify the etop quality of the 2 columns.
Which of the complying with occasions is NOT tape-recorded in the accounting records?-Equipment is purchased on account.-An employee is terminated.-A cash investment is made into the organization.-Company pays dividend to stockholders.
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Throughout 2012, Gibkid Company assets decreased $50,000 and its liabilities decreased $90,000. Its stockholders" equity therefore:
Is an individual bookkeeping record of boosts and also decreases in certain ascollection, licapacity, and stockholders" equity items
Paying an account payable via cash affects the components of the audit equation in the complying with way:
Which is NOT component of the recording process?-Evaluating transactions-Preparing a trial balance-Entering transactions in a journal-Posting transactions
-It gives a chronological record of transactions.-It helps to locate errors because the debit and credit quantities for each enattempt have the right to be readily compared.-It discloses in one location the complete result of a transactivity.
A trial balance will NOT balance if:-A correct journal enattempt is posted twice-The purchase of gives on account is debited to Supplies and also credited to Cash-A $450 payment on account is debited to Accounts Payable for $45 and also attributed to Cash for $45
Ethical Obligations and Decision-Making in Accounting: Text and also Casesfourth EditionRoselyn Morris, Steven Mintz
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