You are watching: What is the entire group of accounts maintained by a company called
The system of collecting and processing transactivity and interacting financial indevelopment to decision devices.
Events that require recording in the financial statements bereason they impact assets, liabilities, or stockholders" equity.
-Increase assets-Decrease liabilities-Decrease widespread stock-Decrease maintained 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 information to ledger accounts
-Proves the mathematical ehigh quality of debits and credits after posting.-May additionally uncover errors in journalizing and posting.-Is valuable in the preparation of financial statements.
-List the account titles and also their balances.-Total the delittle bit column and also complete the crmodify column.-Verify the etop quality of the two columns.
Which of the adhering to events is NOT videotaped in the accounting records?-Equipment is purchased on account.-An employee is terminated.-A cash investment is made into the service.-Company pays dividend to stockholders.
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Throughout 2012, Gibson Company kind of assets lessened $50,000 and also its liabilities diminished $90,000. Its stockholders" equity therefore:
Is an individual audit record of rises and also decreases in specific ascollection, licapacity, and stockholders" equity items
Paying an account payable via cash affects the components of the accounting equation in the following way:
Which is NOT component of the recording process?-Assessing transactions-Preparing a trial balance-Entering transactions in a journal-Posting transactions
-It provides a chronological document of transactions.-It helps to find errors bereason the delittle bit and also crmodify quantities for each enattempt can be conveniently compared.-It discloses in one area the complete result of a transaction.
A trial balance will NOT balance if:-A correct journal enattempt is posted twice-The purchase of provides on account is debited to Supplies and credited to Cash-A $450 payment on account is debited to Accounts Payable for $45 and credited to Cash for $45
Ethical Obligations and Decision-Making in Accounting: Text and also Casesfourth EditionRoselyn Morris, Stalso Mintz
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