Quiz Ch 02 – Determining the Balance in an Account
Financial Accounting
Thomas, Tietz, and Harrison
12th Edition
What document should be consulted to determine the balance in an account?
What document should be consulted to determine the balance in an account?
How does borrowing cash from the bank affect the accounts of a company, and which type of account(s) get increased?
Which of the following options describes the effect of a company receiving and paying a utility bill immediately on its financial statements?
What is required in every journal entry in accounting?
Which option represents a business transaction?
What type of debt is a business creating when it purchases inventory on the account?
What information would be omitted from a journal entry for a transaction?
Which account is NOT considered an asset?
What is the non-business transaction among the options provided?
Use “X” to mark if the account has a debit or credit balance.