Accounting provides information to:

all of the above

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A chart of accounts:

is a listing of all the accounts used by a company

include account balances

all of the above

is set up in alphabetical order

Which of the following accounts would be increased by a debit?

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fees earned

accounts payable

Financial statements that are prepared for a period shorter that a year are called:

interim statements

fiscal year statements

monthly statements

accounting period statements

Revenue is traditionally recognized in the accounting records when:

service is rendered

cash is received

none of the above

it is incurred

Accounts Payable had a normal starting balance of $800. There were debit postings of $600 and credit postings of $300 during the month. The ending balance is:

$1000 credit

$500 debit

$1000 credit

$500 credit

A ledger:

is a group of accounts and their balances

none of these answers are correct

is the same as a chart of accounts

can replace the financial statements

A journal entry affecting three or more accounts is called a

compound entry

multi-step entry

simple entry

multi-level entry

The process that begins with recording business transactions, and includes the completion of the financial statements is the:

natural business year

calendar year

accounting cycle

fiscal year

The left side of any account is the:

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credit side

debit side

ending balance