THE USERS OF FINANCIAL STATEMENTS WHO USE THE ACCOUNTING INFORMATION FOR DAY TO DAY DECISION MAKING a. Management O b. Labor Unions O c. Owners O d. Employees Question 2 Not yet answered Marked out of 0.50 P Flag question Which among the following is prepared to verify that the sum of debits is equal to sum of credits. O a. Ledger O b. Balance Sheet c. Trial Balance O d. Journal

THE USERS OF FINANCIAL STATEMENTS WHO USE THE ACCOUNTING INFORMATION FOR DAY TO DAY DECISION MAKING a. Management O b. Labor Unions O c. Owners O d. Employees Question 2 Not yet answered Marked out of 0.50 P Flag question Which among the following is prepared to verify that the sum of debits is equal to sum of credits. O a. Ledger O b. Balance Sheet c. Trial Balance O d. Journal

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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1. The inputs in the information system is called as a. reportsb. documentsc. transactionsd. accounts 2. Which of the following are considered as external users of information? (Check all that apply) a. Creditorsb. Stockholdersc. Operations personneld. Supplierse. Accountantsf. Customersg. Tax Authorities
An accounting entry that is characterized by having multiple debits and/or multiple credits is called a entry. A. chart of accounts O B. compound journal O C. posted O D. balanced Click to select vour answer.
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Match each of the numbered descriptions with the term, title, or phrase that it best reflects. Indicate your answer by entering the letter A through J in the blank provided. A. General journal B. Special journal C. Subsidiary ledger D. Accounts receivable ledger E. Accounts payable ledger F. Controlling account G. Sales journal H. Cash receipts journal I. Purchases journal J. Cash payments journal 1. Used to record all cash payments. 2. Used to record all credit purchases. 3. Used to record all receipts of cash. 4. Used to record sales of inventory on credit. 5. Stores transaction data of individual customers. 6. Stores transaction data of individual suppliers. 7. Account that is said to control a specific subsidiary ledger. 8. Contains detailed information on a specific account from the general ledger. 9. Used to record and post transactions of similar type. 10. All-purpose journal in which any transaction can be recorded.
Multiple choice
To record date-wise details of transactions expressed as debits and credits to accounts, the business prepares a. trial balance. O b. balance sheet. Oc ledger. d. journal.
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