The initial records first used to record financial transactions are called Ledgers.

The Accumulated Depreciation Account is an example of an Expense Account.

The Balance Sheet Accounts are also referred to as Nominal or Temporary Accounts.

The Cost Of Goods Sold Account is equal to Beginning Inventory plus Purchases for a period.

The difference between what's available for sale and what's left at the end of a period is called Cost Of Goods Sold.

When Inventory is recorded based on a physical count at the end of a period we are using the Perpetual Inventory Method.

Which of the following Inventory Costing Methods uses the most current costs when calculating Cost Of Goods Sold ?

Cash Sales and Sales on Account are normally recorded in the Sales Journal.

Transactions involving Cash are recorded either in the Cash Receipts or Cash Disbursements Journals.

The Cash Disbursements Journal is also referred to as the Cash Payments Journal.

The sale of merchandise for cash would be recorded in what journal ?

The Drawer of a Check is the person or company to whom the check is to be paid.

Bank Reconciliations should be prepared by persons who do not receive cash or sign checks.

What Form will show information as to the number of exemptions an employee is claiming ?

The Book Value of an Asset is the same as its Market Value.

Accrual Accounting is primarily concerned with the Cash Receipts and Cash Payments of a business.

Using Accrual Accounting, Revenues are recorded when they are realized and earned.

A Chart Of Accounts is ?

The term Net Assets refers to ?

Closing entries transfer the balances of all of the Permanent Accounts to Owner's Equity.

Balance Sheet Accounts are normally grouped into sub-categories such as Current Assets, Fixed Assets, and Other Assets.

An owner's withdrawal of cash (draw) decreases cash and accounts payable.

Amounts owed to suppliers are Assets.

Items owned by a business are referred to as Liabilities.

Cash and profits are critical to the success of a business.