1. True or False
An account is the detailed record of the changes in a particular asset, liability, or owner's equity.

2. An account is the detailed record of the changes in a particular asset, liability, or owner's equity.
TRUE

3. True or False
A chart of accounts is the book (or printout) holding all of the company's accounts.

4. FALSE
A chart of accounts is the book (or printout) holding all of the company's accounts.

5. True or False
A trial balance is the list of all a company's accounts along with their account numbers.

6. False
A trial balance is the list of all a company's accounts along with their account numbers.

7. A journal is the chronological record of transactions.
True or False
A journal is the chronological record of transactions.

8. True
A journal is the chronological record of transactions.

9. Debit means right and credit means left.
True or False
Debit means right and credit means left.

10. False
Debit means right and credit means left.

11. An asset account is increased by a debit.
True or False
An asset account is increased by a debit.

12. True
An asset account is increased by a debit.

13. An owner's equity account is increased by a debit.
True or False
An owner's equity account is increased by a debit.

14. False
An owner's equity account is increased by a debit.

15. True or False
The first step in recording a transaction in a journal is to identify each account affected and its type (asset, liability, and so forth).

16. True
The first step in recording a transaction in a journal is to identify each account affected and its type (asset, liability, and so forth).

17. True or False
When recording a transaction in a journal, the credit side is entered first, followed by the debit side.

18. False
When recording a transaction in a journal, the credit side is entered first, followed by the debit side.

19. True or False
The process of copying from the journal to the ledger is called posting.

20. True
The process of copying from the journal to the ledger is called posting.

21. True or False
The normal balance is the balance that appears on the same side as where increases are recorded  either the debit side or the credit side.

22. True
The normal balance is the balance that appears on the same side as where increases are recorded  either the debit side or the credit side.

23. A balance sheet is an internal document used only by company insiders.
True or False
A balance sheet is an internal document used only by company insiders.

24. False
A balance sheet is an internal document used only by company insiders.

25. The general public generally does not see a company's trial balance.
True or False
The general public generally does not see a company's trial balance.

26. The general public generally does not see a company's trial balance.
True
The general public generally does not see a company's trial balance.

27. True or False
A trial balance summarizes a ledger by listing all the accounts with their balances.

28. True
A trial balance summarizes a ledger by listing all the accounts with their balances.

29. Which of the following is the detailed record of the changes in a particular asset, liability, or owner’s equity?
A. LEDGER
B. ACCOUNT
C. TRIAL BALANCE
D. JOURNAL

30. Which of the following is the detailed record of the changes in a particular asset, liability, or owner’s equity?
A. LEDGER
B. ACCOUNT
C. TRIAL BALANCE
D. JOURNAL

31. Which of the following is THE BOOK (OR PRINTOUT) HOLDING ALL THE ACCOUNTS?
A. LEDGER
B. ACCOUNT
C. TRIAL BALANCE
D. JOURNAL

32. Which of the following is the book (or printout) holding all the accounts?
A. LEDGER
B. ACCOUNT
C. TRIAL BALANCE
D. JOURNAL

33. Which of the following is the chronological record of transactions?
A. LEDGER
B. ACCOUNT
C. TRIAL BALANCE
D. JOURNAL

34. Which of the following is the chronological record of transactions?
A. LEDGER
B. ACCOUNT
C. TRIAL BALANCE
D. JOURNAL

35. Which of the following is the list of all the accounts with their balances?
A. LEDGER
B. ACCOUNT
C. TRIAL BALANCE
D. JOURNAL

36. Which of the following is the list of all the accounts with their balances?
A. LEDGER
B. ACCOUNT
C. TRIAL BALANCE
D. JOURNAL

37. Which of the following is NOT an example of an asset?
A. building
B. cash
C. notes payable
D. accounts receivable

38. Which of the following is NOT an example of an asset?
A. building
B. cash
C. notes payable
D. accounts receivable

39. Which of the following is NOT an example of owner’s equity?
A. building
B. cash
C. notes payable
D. accounts receivable

40. Which of the following is NOT an example of owner’s equity?
A. building
B. cash
C. notes payable
D. accounts receivable

41. Which of the following is an asset?
Service Revenue
Salary Expense
Prepaid Expenses
Accounts Payable

42. Which of the following is an asset?
Service Revenue
Salary Expense
Prepaid Expenses
Accounts Payable

43. Which of the following is a liability?
Service Revenue
Salary Expense
Prepaid Expenses
Accounts Payable

44. Which of the following is a liability?
Service Revenue
Salary Expense
Prepaid Expenses
Accounts Payable

45. The accounting process of copying a transaction from the journal to the ledger is which of the following?
Footing
Posting
Journalizing
Proofing

46. The accounting process of copying a transaction from the journal to the ledger is which of the following?
Footing
Posting
Journalizing
Proofing

47. A chart of accounts is which of the following?
A book (or printout) holding all the accounts
A list of all the accounts with their balances
A chronological record of transactions
A list of all the accounts with their account numbers

48. A chart of accounts is which of the following?
A book (or printout) holding all the accounts
A list of all the accounts with their balances
A chronological record of transactions
A list of all the accounts with their account numbers

49. Which of the following accounts increase due to a credit?
Cash
Owner’s capital
Accounts receivable
Both a & b

50. Which of the following accounts increase due to a credit?
Cash
Owner’s capital
Accounts receivable
Both a & b

51. Which of the following accounts decrease due to a debit?
Cash
Prepaid insurance
Interest payable
Both a & b

52. Which of the following accounts decrease due to a debit?
Cash
Prepaid insurance
Interest payable
Both a & b

53. A business makes a cash payment of $12,000 to a creditor
A business makes a cash payment of $12,000 to a creditor. Which of the following occurs?
Cash is credited for $12,000
Cash is debited for $12,000
Accounts payable is credited for $12,000
Both A & C

54. A business makes a cash payment of $12,000 to a creditor
A business makes a cash payment of $12,000 to a creditor. Which of the following occurs?
Cash is credited for $12,000
Cash is debited for $12,000
Accounts payable is credited for $12,000
Both A & C