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Cards In This Set
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Communication of economic events is the part of the accounting process that involves...
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Preparing accounting reports
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The accounting process is correctly sequenced as...
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Identification, recording, communication
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Which of the following would not be considered an external user of accounting data for the GHI company?
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Management
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Generally accepted accounting principles are...
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Standards that indicate how to report economic events
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Which of the following is not an advantage of the corporate form of business organization?
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Unlimited personal liability for stockholders
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Retained earning at the end of the period is equal to...
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Retained earnings at the beginning of the period plus net income minus dividends
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Net income results when...
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Revenues > Expenses
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All of the financial statements are for a period of time except the...
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Balance sheet
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The double-entry system requires that each transaction must be recorded...
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In at least two different accounts
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Expanded basic accounting equation:
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Assets+dividends+Expenses=Liabilities+Common Stock+Retained Earnings+Revenues
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The usual sequence of steps in the recording process is to analyze each transaction, enter the transaction in the...
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Journal, and transfer the information to the ledger accounts.
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Transactions in a journal are recorded in...
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Chronological order
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The usual order of accounts in the general ledger is:
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Assets, liabilities, common stock, retained earnings, dividends, revenues, and expenses
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After journal entries are posted, the reference column...
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Of the general ledger will show journal page numbers.
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A trial balance may balance even when each of the following occurs except when...
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A transposition error is made.
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