General Ledger
a book in which all the accounts of a business enterprise are maintained.
General Ledger
method based on the assumption that assets produced or acquired last are the first to be expensed.
LIFO
a financial statement that shows you the company's income and expenditures
income statment
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bikini bottom
the process of transferring entries from the journal accounts to the ledger accounts.
Posting
Which of the following is affected as a result of an error in performing the physical count of inventory at the end of the accounting period?
net income
The income statement heading will specify which of the following
The period of time
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a hole knew wurld
The process of finding out the balance of a ledger account is known as balancing an account. An account may have a debit balance, credit balance, or zero balance.
Under the periodic inventory system, which of the following amounts will always stay the same regardless of the inventory valuation method used?
purchases
Amounts earned by a company in its main operating activities are known as __________.
revenues
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95
What are the 5 sections in a general ledger
assets, liabilities, revenues, expenses, and owner's equity.
When a company uses the perpetual inventory method, which of the following would be the entry to adjust inventory to lower-of-cost-or-market?
debit cogs credit merchandise inventory
A company disposes of equipment that it no longer uses in its business. The amount received by the company is more than the amount the asset is carried at in the accounting records. The company will report a(n) __________.
Gain
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Kuzko
Where can you find a list of accounts that should be listed in the general ledger?
chart of accounts
Misty, Inc. had 24,000 units of ending inventory that were recorded at the cost of $8.00 per unit using the FIFO method. The current replacement cost is $4.50 per unit. Which of the following amounts would be reported as Ending Merchandise Inventory on the balance sheet using the lower-of-cost-or-market rule?
108,000
The income statement line gross profit will appear on which income statement format?
Multistep
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Victor, Hugo, and Laverne