Answered: . A chart of accounts is A. used in…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

1. A chart of accounts is

A. used in place of a ledger

B. usually a listing of accounts in financial statement order

C. the same as a balance sheet

D. usually a listing of accounts in alphabetical order

2. Which of the following financial statements reports information as of a specific date?

A. balance sheet

B. statement of cash flows

C. retained earnings statement

D. income statement

3. Cash investments made by the owner in the business are reported on the statement of cash flows in the

A. investing activities section

B. supplemental statement

C. financing activities section

D. operating activities section

4. If a shareholder wanted to know how money flowed into and out of the company, which financial statement would the shareholder use?

A. income statement

B. statement of cash flows

C. statement of retained earnings

D. balance sheet

5. The debit side of an account

A. is the left side of the account

B. can be either side of the account depending on how the accountant set up the system

C. is the right side of the account

D. depends on whether the account is an asset, liability, or stockholders' equity

6. The process of initially recording a business transaction is called

A. journalizing

B. correcting

C. balancing

D. posting

7. Of the following, which is an internal report that will determine if the total of the debit balances equal the total of the credit balances in the ledger?

A. horizontal analysis

B. trial balance

C. chart of accounts

D. income statement

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