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About this document
- Pages
- 169 pages
- Price
- $45 one-time, yours to keep
- Membership
- Included in every plan
- Format
- Subject
- Accounting, Business
This document contains true or false questions on basic accounting concepts. It covers key topics in accounting principles and financial statements. It helps students prepare for exams and quizzes.
What's inside
- Accounts and financial statement items
- Chart of accounts
- Accounts payable and expenses
- Prepaid expenses and liabilities
- T accounts and debits/credits
Who it is for: Students studying accounting principles. (Undergraduate)
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Summary
Basic accounting concepts are tested in true or false questions. Students get practice with questions on accounts, the chart of accounts, expenses, liabilities, trial balances and journal entries.
Accounts and the Chart
Accounts are records of changes in financial statement items. The chart of accounts is a list of accounts. It is not the same for each business. Accounts in the ledger are not in alphabetical order.
Expenses and Liabilities
Expenses are costs of goods and services used to generate revenues. Prepaid expenses are not expenses. Unearned revenues are a type of liability. Accounts payable are amounts owed to others.
Trial Balances and Journal Entries
A trial balance does not show the accuracy of the numbers. Errors can still be in the individual accounts. Journal entries record transactions. Posting references show which accounts are involved.
Correcting Errors
Errors can happen in journalizing and posting transactions. Correcting entries fix these errors. Examples include wrong accounts being debited or credited, and amounts being recorded incorrectly.
Key terms
- Accounts
- Records of increases and decreases in financial statement items.
- Chart of accounts
- A list of accounts that make up the journal.
- Expenses
- Costs of goods and services used to generate revenues.
- Liabilities
- Amounts owed to others.
- Trial balance
- A list of accounts and their balances.
- Journal entries
- Records of transactions in the journal.
Questions this document helps with
- What is the chart of accounts?
- What are examples of liabilities?
- How do you correct errors in journal entries?
Summary written with AI from the document's text.
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