Quiz Answer Key and Fun Facts
1. What is the normal balance for an expense account?
2. The act of transferring the information from the General Journal to the General Ledger is called what?
3. What does the accounting acronym G.A.A.P. stand for?
4. The abbreviations for debit and credit (Dr. and Cr.) come from what language, and mean what?
5. True or False? To "debit" an account means to add to it.
6. What kind of balance sheet makes distinctions between current and capital assets?
7. How do you get the Current Ratio?
8. True or False? If a mistake is made in a journal entry, two correcting entries are required to fix it.
9. When we talk about accounting, what kind of job do we mean?
10. Which part of the G.A.A.P. is "the assumption that economic events can be identified with a particular unit of accountability"?
11. Which form of accounting states that transactions are to be recorded in the period that they occur?
12. Usually, what asset account in a company's ledger is the most liquid?
13. In Canada, which kind of accountant would you go to to have prepare your income tax documentation, public or private?
14. What does the certification CA stand for (in Canada)?
15. When you have yet to bill a customer for services rendered and have not received the money in the same financial period that the service was performed, then the transaction is recorded as a(n) ________ (assume accrual basis of accounting)?
Source: Author
LadyCaitriona
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