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5 Written questions

5 Matching questions

  1. electronic funds transfer
  2. Invoice
  3. special endorsement
  4. Normal balance
  5. Financial statements
  1. a financial reports that summarize the financial condition and operations of a business
  2. b An endorsement indicating a new owner of a check
  3. c a computerized cash payments system that transfers funds without the use of checks, currency, or other paper documents
  4. d The side of the account that is increased
  5. e form describing the goods or services sold

5 Multiple choice questions

  1. a journal entry made to correct an error in the ledger
  2. Information for each transaction recorded in a journal
  3. Anything of value that is owned
  4. an increase in owner's equity resulting from the operation of a business
  5. the use of ethics in making business decisions

5 True/False questions

  1. Accounting recordsassets= liabilities + owner's equity


  2. Journalthe account used to summarize the owner's equity in a business


  3. Adjustmentschanges recorded on a work sheet to update general ledger accounts at the end of a fiscal period


  4. LiabilityAn amount recorded on the left side


  5. Trial balanceThe side of the account that is increased


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