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1.
A financial statement user would determine if a company was profitable or not during a specific period of time by reviewing
Group of answer choices
the Income Statement.
the Balance Sheet.
the Statement of Cash Flows.
cannot be determined.
2.
The process of initially recording a business transaction is called
Group of answer choices
trial balancing
posting
journalizing
balancing
3.
Which of the following entries records the payment of rent for the current month?
Group of answer choices
Cash, debit; Rent Expense, credit
Rent Expense, debit; Cash, credit
Rent Expense, debit; Accounts Receivable, credit
Accounts Payable, debit; Rent Expense, credit
4.
When amounts of a transaction are entered on the left side of an account, they are said to be
Group of answer choices
credited
summarized
totaled
debited
5.
On the chart of accounts, the balance sheet accounts are normally listed in the following order
Group of answer choices
liabilities, assets, owners equity
assets, liabilities, owners equity
owners equity, assets, liabilities
assets, owners equity, liabilities
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