The requirement that only transaction data capable of being expressed in terms of money be included

May 19th, 2015
Studypool Tutor
The University of Texas at San Antonio
Price: $10 USD

Tutor description

The process of transferring transaction effects into the appropriate accounts is referred to as?

Word Count: 863
Showing Page: 1/5
. The requirement that only transaction data capable of being expressed in terms of money be included in the accounting records relates to thea. cost principle.b. monetary unit assumption.c. economic entity assumption.d. both a and b above.2. A financial statement that reports accounting data at a specific date is thea. income statement.b. retained earnings statement.c. balance sheet.d. statement of cash flows.3. Which of the following presents key aspects of the process of accounting in the correct chronological order?a. Communicating, recording, and identifyingb. Recording, identifying, and communicatingc. Recording, totaling, and identifyingd. Identifying, recording, and communicating4. The process of transferring transaction effects into the appropriate accounts is referred to asa. closing.b. journalizing.c. recording.d. posting.5. Transactions are initially recorded in thea. general ledger.b. trial balance.c. general journal.d. balance sheet.6. For which of the following accounts is the normal balance a debit?a. Rent Payableb. Unearned Rent Revenuec. Rent Revenued. Prepaid Rent7. Which of the following is false with regard to a general journal?a. It tracks the increases and decreases in an individual account.b. It provides a chronological record of transactions.c. It discloses in one place the complete effect of a transaction.d. It helps to prevent errors since the debit and credit amounts in an individual entry can be readily compare

Review from student

Studypool Student
" Thank you, Thank you, for top quality work, this is your guy!! "
Ask your homework questions. Receive quality answers!

Type your question here (or upload an image)

1821 tutors are online

Brown University





1271 Tutors

California Institute of Technology




2131 Tutors

Carnegie Mellon University




982 Tutors

Columbia University





1256 Tutors

Dartmouth University





2113 Tutors

Emory University





2279 Tutors

Harvard University





599 Tutors

Massachusetts Institute of Technology



2319 Tutors

New York University





1645 Tutors

Notre Dam University





1911 Tutors

Oklahoma University





2122 Tutors

Pennsylvania State University





932 Tutors

Princeton University





1211 Tutors

Stanford University





983 Tutors

University of California





1282 Tutors

Oxford University





123 Tutors

Yale University





2325 Tutors