Answered: . A chart of accounts is A. used in…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter2: Introduction To Financial Statements

Section: Chapter Questions

Problem 13MC: Which of the following is the correct order of preparing the financial statements? A. income...

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1. A chart of accounts is

A. used in place of a ledger

B. usually a listing of accounts in financial statement order

C. the same as a balance sheet

D. usually a listing of accounts in alphabetical order

2. Which of the following financial statements reports information as of a specific date?

A. balance sheet

B. statement of cash flows

C. retained earnings statement

D. income statement

3. Cash investments made by the owner in the business are reported on the statement of cash flows in the

A. investing activities section

B. supplemental statement

C. financing activities section

D. operating activities section

4. If a shareholder wanted to know how money flowed into and out of the company, which financial statement would the shareholder use?

A. income statement

B. statement of cash flows

C. statement of retained earnings

D. balance sheet

5. The debit side of an account

A. is the left side of the account

B. can be either side of the account depending on how the accountant set up the system

C. is the right side of the account

D. depends on whether the account is an asset, liability, or stockholders' equity

6. The process of initially recording a business transaction is called

A. journalizing

B. correcting

C. balancing

D. posting

7. Of the following, which is an internal report that will determine if the total of the debit balances equal the total of the credit balances in the ledger?

A. horizontal analysis

B. trial balance

C. chart of accounts

D. income statement

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