Accounting II - Chapter 1 Review Exam
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Solutions | Latest Updated 2026
An amount owed by a Liability
business is called a(n)
The amount remaining after Owner's equity
the value of all liabilities is
subtracted from the value of
all assets is called
The recording of debit and Double-entry accounting
credit parts of a transaction is
called
An account that reduces a Contra account
related account is called a(n)
A group of accounts is called Ledger
a(n)
Transferring information from Posting
a journal entry to a ledger
account is called
A journal used to record only Special journal
one kind of transaction is
called a
, A form prepared by the Debit memorandum
customer showing a price
deduction for purchases
returns and allowances is
called a
The procedure for arranging File maintenance
accounts in a general ledger,
assigning account numbers,
and keeping records current is
called
An equation showing the Accounting equation
relationship amount assets,
liabilities, and owner's equity
is called
A cash discount on purchases Purchases discount
taken by a customer is called
a
A ledger that is summarized in Subsidiary ledger
a single general ledger
account is called a
Individual amounts in the TRUE
Accounts Payable Credit
column of the purchases
journal are posted often to the
appropriate vendor accounts.
Amounts from the Accounts TRUE
Payable Debit column of a
Questions and Answers with Verified
Solutions | Latest Updated 2026
An amount owed by a Liability
business is called a(n)
The amount remaining after Owner's equity
the value of all liabilities is
subtracted from the value of
all assets is called
The recording of debit and Double-entry accounting
credit parts of a transaction is
called
An account that reduces a Contra account
related account is called a(n)
A group of accounts is called Ledger
a(n)
Transferring information from Posting
a journal entry to a ledger
account is called
A journal used to record only Special journal
one kind of transaction is
called a
, A form prepared by the Debit memorandum
customer showing a price
deduction for purchases
returns and allowances is
called a
The procedure for arranging File maintenance
accounts in a general ledger,
assigning account numbers,
and keeping records current is
called
An equation showing the Accounting equation
relationship amount assets,
liabilities, and owner's equity
is called
A cash discount on purchases Purchases discount
taken by a customer is called
a
A ledger that is summarized in Subsidiary ledger
a single general ledger
account is called a
Individual amounts in the TRUE
Accounts Payable Credit
column of the purchases
journal are posted often to the
appropriate vendor accounts.
Amounts from the Accounts TRUE
Payable Debit column of a
