Accounting 211 Final Set 2 – Flashcards
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corporation
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Which business organization is recognized as a separate legal entity under the law?
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the owners' equity that has accumulated as a result of profitable operations
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Retained earnings is
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Debit to Cash and a credit to Accounts Receivable
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The collection of accounts receivable is recorded by a
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Journalizing
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The process of originally recording a business transaction in the accounting records is termed
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General Journal
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A transaction is first recorded in which of the following accounting records?
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Transferring debit and credit entries from the journal into the appropriate ledger accounts
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Posting is the process of
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When goods are sold or services are rendered to customers
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The realization principle indicates that revenue usually should be recognized and recorded in the accounting records
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allocating the cost of an asset to expense over the periods during which benefits are derived from ownership of the asset
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The matching principle is best demonstrated by
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A contra asset account
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Accumulated Depreciation is
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before financial statements and after a trial balance has been prepared
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Adjusting entries are prepared
