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Accounting Midterm

QuestionAnswer
Looking at the events that have taken place and thinking about how they affect the business is a ____________ Analyzing
Investments of cash in the business will either_________ Increase revenues, decrease drawings
Which of the following is an example of long term debt? Mortage Payable
A supply of currency and coin kept in a cash drawer for use and handling sales transaction is called_______ Change fund
Adjusting entries always affects_________ Both assets and revenues
An example of a source document would be a___________ Invoice
The amount by which the business asset succeed the business liabilities is__________ Owner's Equity
A chart of account doesn't include___________ Account balances
The order of the flow of financial data accounting information is_________ analyzing, journal, post
The statement of owner's equity does not include information about________ Change in the owner's capital
A check involves three parties. The bank in which the drawer has money on deposits is called the_________ Drawee
An income statement disclosed: Both beginning and ending balances in each account contains only temporary accounts
To sign the back of a check with the name of the company and "Pay to any bank" is an example of a_________ restrictive endorsement
Totals on the debit and credit sizes determine the balance of an account are known as________ Footings
Which of the following is not true about modified cash basis? Liabilities are recognized for services received on account
Example of a merchandising business: Pharmacy
The income state does not report________ Withdrawals
The Sarnanes-Oxley Act(SOX) was passed by Congress to__________ Improve reporting by public companies
Created by: 1475362359575234
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