Quiz Ch 02 – Calculating the Ending Balance of Retained Earnings
Financial Accounting
Thomas, Tietz, and Harrison
12th Edition
What is the process for computing the ending balance of retained earnings?
What is the process for computing the ending balance of retained earnings?
What is the purpose of a chart of accounts?
What is a correct statement about the function of a chart of accounts?
What is the impact of the sale of land by Company Z for cash, at the same amount it paid for it three years ago, on the company’s assets and liabilities?
What is the process for computing the ending balance of retained earnings on the statement of retained earnings?
Fill in the table to show whether each account is to be debited or credited when increasing it.
Determine whether the account should be increased by debiting or crediting it. Additionally, identify whether the account belongs to the Balance Sheet (BS), Income Statement (IS), or Statement of Retained Earnings (SRE).
What is the ledger?
Under what condition will an account have a debit balance?
What document should be consulted to determine the balance in an account?