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Acc 303 Week 4 Quiz 3 Essay

  • Submitted by: reneedube81
  • on August 18, 2015
  • Category: Miscellaneous
  • Length: 2,258 words

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Below is an essay on "Acc 303 Week 4 Quiz 3" from Anti Essays, your source for research papers, essays, and term paper examples.

ACC 303 Week 4 Quiz 3
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ACC 303 Week 4 Quiz 3

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      1.       A ledger is where the company initially records transactions and selected other events.

      2.       Nominal (temporary) accounts are revenue, expense, and dividend accounts and are periodically closed.

      3.       Real (permanent) accounts are revenue, expense, and dividend accounts and are periodically closed.

      4.       An example of an internal event would be a flood that destroyed a portion of a company's inventory.

      5.       All liability and stockholders’ equity accounts are increased on the credit side and decreased on the debit side.

      6.       In general, debits refer to increases in account balances, and credits refer to decreases.

      7.       The first step in the accounting cycle is the journalizing of transactions and selected other events.

      8.       One purpose of a trial balance is to prove that debits and credits of an equal amount are in the general ledger.

      9.       A general journal chronologically lists transactions and other events, expressed in terms of debits and credits to accounts.

    10.       If a company fails to post one of its journal entries to its general ledger, the trial balance will not show an equal amount of debit and credit balance accounts.

    11.       Adjusting entries for prepayments record the portion of the prepayment that represents the expense incurred or the revenue earned in the current accounting period.

    12.       An adjustment for wages expense, earned but unpaid at year end, is an example of an accrued expense.

    13.       The book value of any depreciable asset is the difference between its cost and its salvage value.

    14.       The ending retained earnings balance is reported on both the retained...

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