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Vocab
Debits/Credits
True or False
Chapter 4 Special
Work Sheets
100
Recording Transactions in a journal is called?
What is Journalizing.
100
If Cash is paid for rent, $300.00.
What is Rent Expense is debited, and Cash is credited.
100
The ASSETS general ledger divison begins with (100).
What is True.
100
List 3 vocab words that you learn about from chapter 4.
What is Ledger, General Ledger, Account Number, File Maintenance, Opening an Account, Posting, Proving Cash, or Correcting Entry.
100
Accountants use a work sheet for how many reasons?
What is Four reasons.
200
A group of accounts is called a?
What is Ledger.
200
Paid cash to owner for personal use, $200.00.
What is Drawing is debited, and Cash is credited.
200
Revenue is the 5th divison in a general ledgers chart of accounts.
What is False.(4th)
200
What would be the new account number placed between the account numbers 510 and 520?
What is 515.
200
Preparing the heading of a work sheet consists of?
What is The name of Company, Name of Report, and Date of Report.
300
The procedure for arranging accounts in a general ledger, assigning account numbers, and keeping records current is called?
What is File Maintenance!
300
Paid cash for miscellanous expense, $50.00.
What is Miscellanous Expense is debited and Cash is credited!
300
An check with a future date on it is called a postdated check.
What is True.
300
Define Posting.
What is Transering information from a journal entry to a ledger account.
300
Do accountants use a work sheet to calculate the amount of net income or net loss for a fiscal period?
What is Yes.
400
The length of time for which a business summarizes and reports financial information is called a?
What is Fiscal Period!
400
Sold services on account to Beast Wild Pizza, $70.00.
What is Accts. Rec.-Beast Wild Pizza is debited, and Sales is credited!
400
An endorement indicating a new owner of a check is called a blank endorsement.
What is False!(Special Endorsement)
400
The sourse document for a correcting entry is the?
What is Memorandum!!
400
Changes recored on a work sheet to update general ledger accounts at the end of a fiscal period are called?
What is Adjustments!
500
The difference between total revenue and total expenses are greater is called a ?
What is Net Loss!!
500
Recevieved cash on account from Beast Wild Pizza, $35.00.
What is Cash is debited, and Accts. Rec.-Beast Wild Pizza is credited!!
500
Changes recorded on a work sheet to update general ledger accounts at the end of a fiscal period are called adjusters.
What is False!!(Adjustments)
500
What two steps have to be completed to open a new account?
What is Write an account title, and number on the heading of an account!!
500
On a work sheet does the total of all debit accounts have to equal the total of all credit accounts?
What is Yes!!