est 1. True or False. Write TRUE if the statement is true and write FALSE if the statement is false. EXERCISE 3.1 1. The accounting cycle begins with the recording of the transactions and ends with the preparation of the financial statements. 2. A credit always means an entry on the left side of an account. Every business transaction affects a minimum of two accounts. Debit means increase and credit means decrease. 3. 4. The sequence of the account titles in a trial balance depends upon the size of the account balances. An increase in expense is recorded as a credit. A listing of the accounts in a ledger is called a chart of accounts. Normailly, income have credit balances. For a T-account, the account balance is the difference in total pesos between total debt footings and 5. 6. 7. 8. 9. total credit footings. Salaries payable is a type of expense. The accounts in a chart are nomally listed in alphabetical order. Another name for the jourmal is the book of original entry. another word for expense is debt. A transaction with more than one debit and/or more than one credit is called a compound entry. An entry to Accounts Payable will be on the left side of the account if there is a decrease and on the 10. 11. 12. 13. 14. 15. right side of the account if there is an increase.
est 1. True or False. Write TRUE if the statement is true and write FALSE if the statement is false. EXERCISE 3.1 1. The accounting cycle begins with the recording of the transactions and ends with the preparation of the financial statements. 2. A credit always means an entry on the left side of an account. Every business transaction affects a minimum of two accounts. Debit means increase and credit means decrease. 3. 4. The sequence of the account titles in a trial balance depends upon the size of the account balances. An increase in expense is recorded as a credit. A listing of the accounts in a ledger is called a chart of accounts. Normailly, income have credit balances. For a T-account, the account balance is the difference in total pesos between total debt footings and 5. 6. 7. 8. 9. total credit footings. Salaries payable is a type of expense. The accounts in a chart are nomally listed in alphabetical order. Another name for the jourmal is the book of original entry. another word for expense is debt. A transaction with more than one debit and/or more than one credit is called a compound entry. An entry to Accounts Payable will be on the left side of the account if there is a decrease and on the 10. 11. 12. 13. 14. 15. right side of the account if there is an increase.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:Fest 1. True or False. Write TRUE if the statement is true and write FALSE if the statement is false.
EXERCISE 3.1
1.
The accounting cycle begins with the recording of the transactions and ends with the preparation of
the financial statements.
2.
A credit always means an entry on the left side of an account.
Every business transaction affects a minimum of two accounts.
3.
4.
Debit means increase and credit means decrease.
The sequence of the account titles in a trial balance depends upon the size of the account balances.
An increase in expense is recorded as a credit.
A listing of the accounts in a ledger is called a chart of accounts.
5.
6.
7.
Normaily, income have credit balances.
For a T-account, the account balance is the difference in total pesos between total debt footings and
8.
9.
total credit footings.
Salaries payable is a type of expense.
The accounts in a chart are nomally listed in alphabetical order.
Another name for the jourmal is the book of original entry.
another word for expense is debt.
A transaction with more than one debit and/or more than one credit is called a compound entry.
An entry to Accounts Payable will be on the left side of the account if there is a decrease and on the
10.
11.
12.
13.
14.
15.
right side of the account if there is an increase.
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