Mors 200 Arts Final - Accounting Compend- Matching Part 1

Used for recording sale of merchandise on credit:a) Sales Journalb) General Journalc) Purchases Journald) Cash Payments Journale) Cash Receipts Journal

Used for all types of business transactions:a) Sales Journalb) General Journalc) Purchases Journald) Cash Payments Journale) Cash Receipts Journal

Used to record the buying of merchandise on credit:a) Sales Journalb) General Journalc) Purchases Journald) Cash Payments Journale) Cash Receipts Journal

Used to record the receipt of cash:a) Sales Journalb) General Journalc) Purchases Journald) Cash Payments Journale) Cash Receipts Journal

Used to record the paying of cash:a) Sales Journalb) General Journalc) Purchases Journald) Cash Payments Journale) Cash Receipts Journal

Accounts Payable is a:a) Current Assetb) Current Liabilityc) Fixed Assetd) Fixed Liabilitye) Proprietorship

Accounts Receivable is a:a) Current Assetb) Current Liabilityc) Fixed Assetd) Fixed Liabilitye) Proprietorship

Capital is a:a) Current Assetb) Current Liabilityc) Fixed Assetd) Fixed Liabilitye) Proprietorship

Mortgage Payable is a:a) Current Assetb) Current Liabilityc) Fixed Assetd) Fixed Liabilitye) Proprietorship

Funeral Coach is a:a) Current Assetb) Current Liabilityc) Fixed Assetd) Fixed Liabilitye) Proprietorship

Difference between assets and liabilities:a) Balance Sheetb) Trial Balancec) Owners Equityd) Assetse) Liabilities

Statement of financial condition:a) Balance Sheetb) Trial Balancec) Owners Equityd) Assetse) Liabilities

Things of value owned by a business:a) Balance Sheetb) Trial Balancec) Owners Equityd) Assetse) Liabilities

Debts that a business owes:a) Balance Sheetb) Trial Balancec) Owners Equityd) Assetse) Liabilities

Check the equality of debits and credits:a) Balance Sheetb) Trial Balancec) Owners Equityd) Assetse) Liabilities

Recording information in a ledger:a) Journalb) Ledgerc) Postingd) Income Statemente) Balance Sheet

A book of accounts:a) Journalb) Ledgerc) Postingd) Income Statemente) Balance Sheet

Book of original entry:a) Journalb) Ledgerc) Postingd) Income Statemente) Balance Sheet

Statement of assets, liabilities, and owners equity at a specific date:a) Journalb) Ledgerc) Postingd) Income Statemente) Balance Sheet

Statement of income, expenses, and net income or net loss for a period of time:a) Journalb) Ledgerc) Postingd) Income Statemente) Balance Sheet

Unwritten promises of a business to pay creditors:a) Assetsb) Liabilitiesc) Owners Equityd) Accounts Payablee) Accounts Receivable

Unwritten promises by customers to the business pay at a later date:a) Assetsb) Liabilitiesc) Owners Equityd) Accounts Payablee) Accounts Receivable

Any debt that a business owes:a) Assetsb) Liabilitiesc) Owners Equityd) Accounts Payablee) Accounts Receivable

Properties of monetary value owned by a business:a) Assetsb) Liabilitiesc) Owners Equityd) Accounts Payablee) Accounts Receivable

An owner's financial interest in a business:a) Assetsb) Liabilitiesc) Owners Equityd) Accounts Payablee) Accounts Receivable

A book of original entry in which business transactions are recorded in chronological order:a) Salesb) Ledgerc) Journald) Purchasese) Principal

The buying of merchandise:a) Salesb) Ledgerc) Journald) Purchasese) Principal

The face value of a note on which interest is computed:a) Salesb) Ledgerc) Journald) Purchasese) Principal

Ordinarily refers only to merchandise sold:a) Salesb) Ledgerc) Journald) Purchasese) Principal

A book of accounts:a) Salesb) Ledgerc) Journald) Purchasese) Principal

Current assets divided by current liabilities:a) Debitb) Creditc) Current Ratiod) Notes Payablee) Notes Receivable

A written promise of a customer to pay the business in sum of the money at a future date:a) Debitb) Creditc) Current Ratiod) Notes Payablee) Notes Receivable

The right side of a standard account:a) Debitb) Creditc) Current Ratiod) Notes Payablee) Notes Receivable

A written promise of a business to pay a creditor a certain amount in the future:a) Debitb) Creditc) Current Ratiod) Notes Payablee) Notes Receivable

The left side of a standard account:a) Debitb) Creditc) Current Ratiod) Notes Payablee) Notes Receivable

Accounts receivable that are uncollectable:a) Costb) Suppliesc) Bad Debtsd) Cash Receiptse) Current Liabilities

Amount paid by a business for merchandise:a) Costb) Suppliesc) Bad Debtsd) Cash Receiptse) Current Liabilities

Money and money substitutes received:a) Costb) Suppliesc) Bad Debtsd) Cash Receiptse) Current Liabilities

Debts that must be paid within a year:a) Costb) Suppliesc) Bad Debtsd) Cash Receiptse) Current Liabilities

A type of assets that will be consumed as it is used:a) Costb) Suppliesc) Bad Debtsd) Cash Receiptse) Current Liabilities

The owners equity or the owner's financial interest in a business:a) Makerb) Creditorc) Corporationd) Proprietorshipe) Merchandising Business

A business or individual to whom a debt is owed:a) Makerb) Creditorc) Corporationd) Proprietorshipe) Merchandising Business

A business firm that obtains income through the buying and selling of goods:a) Makerb) Creditorc) Corporationd) Proprietorshipe) Merchandising Business

A business, owned by stockholders, which is chartered under state law to conduct a business or other activity:a) Makerb) Creditorc) Corporationd) Proprietorshipe) Merchandising Business

The individual who makes a promise to pay on a promissory note:a) Makerb) Creditorc) Corporationd) Proprietorshipe) Merchandising Business

A statement regarding the status of assets, liabilities, and owner's equity as of a specified date:a) Transactionb) Trial Balancec) Balance Sheetd) Source Documente) Income Statement

A formal statement which presents the revenue and expenses of a specified period of time:a) Transactionb) Trial Balancec) Balance Sheetd) Source Documente) Income Statement

The first record of a business transaction:a) Transactionb) Trial Balancec) Balance Sheetd) Source Documente) Income Statement

Financial events that affect assets, liabilities, or owner's equity:a) Transactionb) Trial Balancec) Balance Sheetd) Source Documente) Income Statement

An informal statement proving that total debit balances are equal to the total credit balances in the ledger:a) Transactionb) Trial Balancec) Balance Sheetd) Source Documente) Income Statement

In order of time:a) Incomeb) Drawerc) Expensesd) Consignore) Chronological

The person or business concerned by whom a shipment is made:a) Incomeb) Drawerc) Expensesd) Consignore) Chronological

A person who signs a check or draft ordering payment to be made:a) Incomeb) Drawerc) Expensesd) Consignore) Chronological

The decrease in owners equity due to consumption of goods and services used in the operation of the business:a) Incomeb) Drawerc) Expensesd) Consignore) Chronological

Increase in the owners equity resulting from business operations:a) Incomeb) Drawerc) Expensesd) Consignore) Chronological

The recording of business data in a prescribed manner:a) Cashb) Capitalc) Book Keepingd) Current Assetse) Closing Entries

Coins, currency, checks, and money order receipts from others, as well as money deposited in the bank:a) Cashb) Capitalc) Book Keepingd) Current Assetse) Closing Entries

The net value of an owner's financial interest in a business:a) Cashb) Capitalc) Book Keepingd) Current Assetse) Closing Entries

Cash or other assets that will be converted into cash or consumed within one year:a) Cashb) Capitalc) Book Keepingd) Current Assetse) Closing Entries

The transferral of the balances of the temporary accounts to the capital accounts:a) Cashb) Capitalc) Book Keepingd) Current Assetse) Closing Entries

Recording in each fiscal period applicable expense, whether paid or not, and income earned, whether collected or not:a) Checkb) Charterc) Bank Statementd) Accrual Accountinge) Certified Public Accounting

An itemized listing of additions to and subtractions from a depositor's account:a) Checkb) Charterc) Bank Statementd) Accrual Accountinge) Certified Public Accounting

An individual certified to practice public accounting in a state:a) Checkb) Charterc) Bank Statementd) Accrual Accountinge) Certified Public Accounting

A document issued by a state which permits a corporation to operate:a) Checkb) Charterc) Bank Statementd) Accrual Accountinge) Certified Public Accounting

A written order drawn by a depositor directing his bank to deduct money from his account and pay the person or company designated:a) Checkb) Charterc) Bank Statementd) Accrual Accountinge) Certified Public Accounting

The money or other assets supplied by the owner for the operation of a business:a) Investmentb) Mortgage Payablec) Posting Referencesd) Negotiable Instrumente) Net Working Capital

A written promise that pledges real property as security for the payment of a debt:a) Investmentb) Mortgage Payablec) Posting Referencesd) Negotiable Instrumente) Net Working Capital

A business paper that is a claim on cash and which may be transferred legally by endorsement:a) Investmentb) Mortgage Payablec) Posting Referencesd) Negotiable Instrumente) Net Working Capital

Excess of current assets over current liabilities:a) Investmentb) Mortgage Payablec) Posting Referencesd) Negotiable Instrumente) Net Working Capital

Journal page numbers and ledger account numbers which when present, confirms that an entry has been posted:a) Investmentb) Mortgage Payablec) Posting Referencesd) Negotiable Instrumente) Net Working Capital

Credit given to a customer for shortages or damaged goods delivered:a) Accrued Incomeb) Sales Discountc) Statement of Accountd) Allowance of Depreciatione) Sales Returns and Allowances

A deduction from the sales invoice as incentive for customers to pay their invoices early:a) Accrued Incomeb) Sales Discountc) Statement of Accountd) Allowance of Depreciatione) Sales Returns and Allowances

An account used to accumulate decreases in value of fixed assets:a) Accrued Incomeb) Sales Discountc) Statement of Accountd) Allowance of Depreciatione) Sales Returns and Allowances

A report sent to each customer which indicates the status of his account:a) Accrued Incomeb) Sales Discountc) Statement of Accountd) Allowance of Depreciatione) Sales Returns and Allowances

Income earned during an accounting period but not yet received:a) Accrued Incomeb) Sales Discountc) Statement of Accountd) Allowance of Depreciatione) Sales Returns and Allowances

An account used to record or determine the estimated value of an asset:a) Drawing Accountb) Promissory Notec) Valuation Accountd) Allowance for Doubtful Accountse) Purchase Returns and Allowances

A separate owners equity account in which withdraws of assets against profits by the owner are recorded:a) Drawing Accountb) Promissory Notec) Valuation Accountd) Allowance for Doubtful Accountse) Purchase Returns and Allowances

Credit received for shortages or for damaged goods received:a) Drawing Accountb) Promissory Notec) Valuation Accountd) Allowance for Doubtful Accountse) Purchase Returns and Allowances

An account in which is recorded the decrease in value of accounts receivable due to possible uncollectable items:a) Drawing Accountb) Promissory Notec) Valuation Accountd) Allowance for Doubtful Accountse) Purchase Returns and Allowances

A written promise to pay money to another person or business at a specified or determinable time:a) Drawing Accountb) Promissory Notec) Valuation Accountd) Allowance for Doubtful Accountse) Purchase Returns and Allowances

The account paid for insurance protection:a) Retail Sales Taxb) Income Taxc) Insurance Policyd) Insurance Premium e) Stock Certificate

Levied on the earnings of individuals in businesses by federal, state, and local government:a) Retail Sales Taxb) Income Taxc) Insurance Policyd) Insurance Premium e) Stock Certificate

A contract between an insurance company and the party insured:a) Retail Sales Taxb) Income Taxc) Insurance Policyd) Insurance Premium e) Stock Certificate

Imposed upon the purchaser of goods and collected by the seller, who remits such to the state or city government:a) Retail Sales Taxb) Income Taxc) Insurance Policyd) Insurance Premium e) Stock Certificate

Evidence of the ownership of corporation stock:a) Retail Sales Taxb) Income Taxc) Insurance Policyd) Insurance Premium e) Stock Certificate

Capital or net worth:a) Current Assetb) Current Liabilityc) Proprietorshipd) Fixed Liabilitye) Fixed Asset

Accounts Receivable:a) Current Assetb) Current Liabilityc) Proprietorshipd) Fixed Liabilitye) Fixed Asset

Accounts Payable:a) Current Assetb) Current Liabilityc) Proprietorshipd) Fixed Liabilitye) Fixed Asset

Mortgage Payable within 15 years:a) Current Assetb) Current Liabilityc) Proprietorshipd) Fixed Liabilitye) Fixed Asset

Assets which will not be sold during the fiscal period:a) Current Assetb) Current Liabilityc) Proprietorshipd) Fixed Liabilitye) Fixed Asset

Things of value owned by a business:a) Balance Sheetb) Trial Balancec) Assetsd) Liabilitiese) Proprietorship

One's debt:a) Balance Sheetb) Trial Balancec) Assetsd) Liabilitiese) Proprietorship

The equity of the owner of the business:a) Balance Sheetb) Trial Balancec) Assetsd) Liabilitiese) Proprietorship

The financial statement reflects the status of assets, liabilities, and owner's equity as of a given date:a) Balance Sheetb) Trial Balancec) Assetsd) Liabilitiese) Proprietorship

A check of equality of debts and credits:a) Balance Sheetb) Trial Balancec) Assetsd) Liabilitiese) Proprietorship

One who owes debts:a) Fixed Liabilityb) Proprietorshipc) Debtord) Current Liabilitye) Creditor

One to whom debts are owed:a) Fixed Liabilityb) Proprietorshipc) Debtord) Current Liabilitye) Creditor

Owner's equity:a) Fixed Liabilityb) Proprietorshipc) Debtord) Current Liabilitye) Creditor

Mortgage Payable:a) Fixed Liabilityb) Proprietorshipc) Debtord) Current Liabilitye) Creditor

Accounts Payable:a) Fixed Liabilityb) Proprietorshipc) Debtord) Current Liabilitye) Creditor