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Exam (elaborations)

Accounting Capstone || Already Passed.

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  • Accounting Capstone

Revenue and expense summary is closed to: correct answers owner's equity If total expenses are smaller than total revenues, the difference is termed: correct answers net profit To enter an amount on the left side of an account means to: correct answers debit The difference between the tota...

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  • October 17, 2024
  • 4
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Accounting Capstone
  • Accounting Capstone
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FullyFocus
Accounting Capstone || Already Passed.
Revenue and expense summary is closed to: correct answers owner's equity

If total expenses are smaller than total revenues, the difference is termed: correct answers net
profit

To enter an amount on the left side of an account means to: correct answers debit

The difference between the total debits and the total credits in an account is the: correct answers
balance

The financial statement that shows the financial position of a company on a particular date:
correct answers balance sheet

The difference between net sales and cost of goods sold is: correct answers net income

Which of the following accounts normally has a credit balance: correct answers expense

If the total expenses is smaller than the total of revenue, the difference is termed: correct answers
net profit

The process of transferring information from the journal to the ledger is called: correct answers
posting

The trial balance of the general ledger accounts taken after the temporary owners equity accounts
have been closed is referred to as: correct answers post-closing balance

The entry for buying office supplies on account would be: correct answers DR office supplies,
CR accounts payable

An entry made on the DR side of an asset account indicates that the account has been: correct
answers decreased

Expenses incurred in the operation of the business causes: correct answers owner's equity to
decrease

An itemized statement that provides information regarding the results f operations during a
specified period of time is know as a(n): correct answers income statement

Accounts payable is a(n): correct answers liability account

A sale for cash including sales tax would be recorded as: correct answers DR sales, DR sales tax
payable, CR cash

Anything of value owned is considered: correct answers an asset

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