Assignement Fall 2017 Sign in to edit and save changes to this file. Sign in Fun
ID: 361165 • Letter: A
Question
Assignement Fall 2017 Sign in to edit and save changes to this file. Sign in Fund. Financial Accounting Assignment 2096 - Dr. Boukhris Mohamed TRUE/FALSE 1. Accounts are records of increases and decreases in individual financial statement items 2. A chart of accounts is a listing of accounts that make up the journal. 3 The chart of accounts should be the same for each business. 4. Accounts payable are accounts that you expect will be paid to you. services in the process of generating revenues results in expenses 6. Prepaid expenses are an example of an expense. 7. Uncamed Revenues account is an example of a liability 8. The Drawings account is an example of an expense. 9. Accounts in the ledger are usually maintained in alphabetical order. 10. Depending on the account title, the right side of the account is referred to as the credit side. 11. To determine the balance in an account, always subtract credits from debits. 12. The double-entry accounting system records each transaction twice. 13. The increase side of all accounts is the normal balance. 14. Transactions are initially entered into a record called a journal.Explanation / Answer
Ans – “ True” Given statement is true because accounts is all about to show the details of all your financial transactions (Increase and decrease).
2 - “False” - Given statement is false - A chart of accounts is listing of all accounts used in making leger its help us to understand the complex transaction and it’s easy to short .
3- “False” Chart of account is not necessary to be same its depend on the type of business.
4 - “False” – Accounts payable is basically a liability amount.