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When do you considered a segment as part of segments reporting and how would you record in the books of accounts?

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter1: Asset, Liability, Owner’s Equity, Revenue, And Expense Accounts

Section: Chapter Questions

Problem 7DQ: Define chart of accounts and identify the categories of accounts.

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Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

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Posting is the process of a. Analyzing the impact of the transaction on the accounting equation. b. Obtaining information about external transactions from source documents. c. Transferring the debit and credit information from the journal to individual accounts in the general ledger. d. Listing all accounts and their balances at a particular date and showing the equality of total debits and total credits.
Accounting systems are designed to show the increases and decreases in each accounting equation element as a separate record. This record is called a/an ________. Group of answer choices chart of accounts balance sheet trial balance account
The ____ is where a transaction can first be found in the accounting records. Group of answer choices balance sheet journal chart of accounts income statement
Which one of the following is used to prepare ledger account? a. Transactions b. Events c. Income statement d. Journal
Which of the following accounting records is the main source of information used to prepare thefinancial statements?A. journal entriesB. T-accountsC. trial balanceD. chart of accounts
The T-account is used to summarize which of thefollowing?a. Increases and decreases to a single account in theaccounting system.b. Debits and credits to a single account in the accountingsystem.c. Changes in specific account balances over a timeperiod.d. All of the above describe how T-accounts are used byaccountants.
The individual accounts find a place in a summarised manner which is called a. Financial statements b. Ledger c. Journal d. Trial balance
Which of the following accounting records is the main source of information used to prepare the financial statements? A. journal entries B. T-accounts C. trial balance D. chart of accounts
Explain how the accounting equation organizes financial information using T-accounts and debits and credits.
Which of these accounts commonly requires both debit and credit entries? A. Sales Revenue B. Utilities Expense C. Accounts Receivable D. Common Stock
Define chart of accounts and identify the categories of accounts.
Classify each of the accounts listed below as assets (A), liabilities (L), owners equity (OE), revenue (R), or expenses (E). Indicate the normal debit or credit balance of each account. Indicate whether each account will appear in the Income Statement columns (IS) or the Balance Sheet columns (BS) of the work sheet. Item 0 is given as an example.