During the Spock Hotel's last audit, the auditor noticed that the financial statements were missing some footnotes important for users using them for decision making. This action by the Spock Hotel is a violation of:

		the full disclosure principle.
		the economic entity concept.
		the revenue recognition principle.
		the going concern concept

A trial balance is a necessary checkpoint for uncovering certain types of errors before one proceeds to other steps in the accounting process.

True

False

When posting transactions from the general journal to the ledger, ________ will need to be recorded on the journal page.

		the debited amount
		the credied amount
		the date
		the account number

Le Hotel Cougar purchases $3,000 worth of supplies on July 15th, but they do not have to pay until next month. How should we record this transaction in July?

		Debit $3,000 for Supplies. Debit $3,000 for Accounts Payable.
		Debit $3,000 for Supplies. Credit $3,000 for Accounts Payable.
		Credit $3,000 for Supplies. Credit $3,000 for Accounts Payable.
		Credit $3,000 for Supplies. Debit $3,000 for Accounts Payable.