Quiz Ch 02 – T/F Synonyms for Entering a Transaction in the Journal
Financial Accounting
Thomas, Tietz, and Harrison
12th Edition
The process of recording a transaction in the journal is commonly referred to as booking or journalizing the entry.
The process of recording a transaction in the journal is commonly referred to as booking or journalizing the entry.
In T-Accounts, the left-hand side represents the debit side, while the right-hand side represents the credit side.
In T-Accounts, the balance of an account is determined by subtracting the total credits from the total debits.
The process of posting accounting transactions negates the requirement of journalizing them.
The journal is where original entries are recorded.
Transactions offer unbiased financial information regarding an entity’s exchange impact.
The account serves as the fundamental summarizing tool in accounting.
When do most companies prepare financial statements?
The sum of debits must be equal to the sum of credits in every journal entry.