An account balance is the difference in between the debits and also credits because that an account including any kind of beginning balance. T/F
An account used to document the owners" invest in the business is called:A. DividendsB. Usual StockC. RevenueD. ExpenseE. Liability
Prepaid costs are:A. Payments made for products and also services that do not ever before expire.B. Classified together liabilities on the balance sheet.C. To reduce in maintained earnings.D. Heritage that represent prepayments that future expenses.E. Guarantees of payment by customers.

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Of the following accounts, the one that normally has a credit transaction balance is:A. CashB. Office EquipmentC. Sales salaries PayableD. DividendsE. Sales salaries Expense
Double-entry audit is an accounting system:A. That documents each transaction twice.B. That documents the results of transactions and other events in at least two accounts with equal debits and credits.C. In i beg your pardon the impact of every transaction is checked twice to certain there room no errors.D. That may only be offered if T-accounts room used.E. That documents the effects of transactions on at least two financial statements.
Rocky sectors received its telephone bill in the quantity of $300 and also immediately payment it. Rocky"s newspaper entry to record this transaction will encompass a:A. Debit to Telephone expense for $300.B. Credit transaction to accounts Payable for $300.C. Debit come Cash because that $300.D. Credit to Telephone cost for $300.E. Debit to account Payable because that $300.
Wisconsin Rentals to buy office offers on credit. The newspaper entry made by Wisconsin Rentals to record this transaction will incorporate a:A. Debit to accounts Payable.B. Debit to account Receivable.C. Credit transaction to Cash.D. Credit transaction to accounts Payable.E. Credit to maintained Earnings
The procedure of transferring basic journal info to the ledger is:A. Double-entry accounting.B. Posting.C. Balancing one account.D. Journalizing.E. Not compelled unless debits execute not equal credits.
Which of the adhering to is the appropriate journal entry if a agency performs a service and also is payment immediately?A. Debit come Cash, debit to service Revenue.B. Debit to Cash, credit to service Revenue.C. Debit to account Receivable, credit to Cash.D. Debit to service Revenue, credit to account Receivable.E. Debit to accounts Receivable, credit to business Revenue.

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A report the lists accounts and their balances, in i m sorry the total debit balances must equal the complete credit balances, is referred to as a(n):A. Account balanceB. Psychological balanceC. LedgerD. Chart of accountsE. General journal
If the Debit and also Credit shaft totals the a psychological balance room equal, then:A. Every transactions have been recorded correctly.B. Every entries from the journal have actually been post to the ledger correctly.C. Every ledger account balances are correct.D. The total debit entries and also total credit entries room equal.E. The balance sheet would be correct.
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