accounting test 4 – Flashcards
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four column account
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instead of T accounts, businesses are more likely to use a
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two columns
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the simplest form of journal is one with
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numerical order
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the accounts in the chart of accounts are arranged in
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source documents
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forms and papers that provide information about a business transaction are called
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day
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for every transaction, the accountant enters the
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posting debits and credits to accounts
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journalizing does not include
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a description of special entries
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the item column in the general ledger is used for
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name of customers
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a chart of accounts does not include
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payment of a telephone bill for the month would include
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debiting telephone expense and crediting cash
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journal
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a chronological record of financial transactions expressed as debits and credits to accounts is provided by the
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debiting cash crediting capital
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if the owner of a company invested cash in the business the transaction would include
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