Accounting Chapter 7 Definitions Quiz
8 Questions
| Total Attempts: 24
Definitions part 2
Questions and Answers
- 1.The name of the item for which an account is prepared, entered at the top of the page.
- 2.The most commonly used type or account, in which there are 3 columns, one for debit, one for credit, ad one for the amount of balance. Also known as - three-column account
- 3.An accounting entry to rectify the effect of an error
- 4.________-_______ is putting the account number in the journal, and journal page in the p.r section
- 5.The process of continuing an account or journal on a new page by carrying forward all the relevant information from the completed page.
- 6.The process of setting up a new account in the ledger
- 7.The process of transferring the accounting entries from the journal to the ledger (2nd)
- 8.A mistake caused by the interchanging of digits when transferring figures from one place to another. The difference of this errors always divisible by 9.
Questions: 41 | Attempts: 65876 | Last updated: Nov 16, 2020
-
Sample QuestionThe purpose of the Conceptual Framework is:
Are you ready for a quick account knowledge quiz? For a business to prosper, what they need most is funding which can come through investments, cash or selling their shares. What do you understand about these different types...
Questions: 8 | Attempts: 20904 | Last updated: Sep 14, 2020
-
Sample QuestionWhat is stockholders' equity?
Questions: 10 | Attempts: 10225 | Last updated: Jan 4, 2021
-
Sample QuestionA source document is:
Back to top