analyzing and journalizing transactions.
Quiz by 花HANA
Feel free to use or edit a copy
includes Teacher and Student dashboards
Measure skillsfrom any curriculum
Measure skills
from any curriculum
Tag the questions with any skills you have. Your dashboard will track each student's mastery of each skill.
With a free account, teachers can
- edit the questions
- save a copy for later
- start a class game
- automatically assign follow-up activities based on students’ scores
- assign as homework
- share a link with colleagues
- print as a bubble sheet
5 questions
Show answers
- Q1there are Six Steps of Accounting Transaction Analysis:falsetrue20s
- Q2mention one step involved in journalizing:Statement of account.Examine each business transaction to determine the nature of the transaction. For example, the receipt of a supplier invoice means that an obligation has been incurred. Or, throwing out obsolete inventory means that the inventory asset will be reduced.Find the transaction amount to be entered into each account.20s
- Q3mention one advantage of double-entry system:Drawing the trial balance out of the ledger accounts get easy.20s
- Q4mention one disadvantage of double-entry system:Accounts can depict the wrong picture when the accountant is not well worse in accounting.20s
- Q5What are the benefits of financial accounting?Financial accounts allow companies to purchase economic resources, goods or services on account from other businesses. These purchases represent trade credit in the business environment. Companies use accounts payable and account receivable financial accounts to keep track of this information.20s