Quiz Ch 02 – T/F The Elimination of Journalizing through Posting Accounting Transactions
Financial Accounting
Thomas, Tietz, and Harrison
12th Edition
The process of posting accounting transactions negates the requirement of journalizing them.
The process of posting accounting transactions negates the requirement of journalizing them.
Accounting transactions have an equal effect on both sides of the equation or an offsetting effect on the same side.
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.
Prepaid rent is considered an expense since the payment confers a future benefit to the company.
The end of the accounting period is the most common time to prepare a trial balance, although it can be done at any time.
The trial balance can be used to prepare financial statements.
An accounts receivable denotes a business’s commitment to repay a debt.
An accrued liability refers to a financial obligation for an expense that has been incurred but not yet paid.