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analyzing and journalizing transactions.

Quiz by 花HANA

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5 questions
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  • Q1
    there are Six Steps of Accounting Transaction Analysis:
    false
    true
    20s
  • Q2
    mention 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
  • Q3
    mention one advantage of double-entry system:
    Drawing the trial balance out of the ledger accounts get easy.
    20s
  • Q4
    mention one disadvantage of double-entry system:
    Accounts can depict the wrong picture when the accountant is not well worse in accounting.
    20s
  • Q5
    What 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

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