General Accounting Review

1.Identify each classification of accounts and identify the normal balance for each. 2.Identify and explain each classification. 3. Explain each of the following statements: (Including what the three line heading will consist of for each.)

Trial Balance -

Income Statement-

Statement of Owners Equity-

Balance Sheet- 4.Identify and explain the four closing entries. 5.Explain what the account Accumulated Depreciation is, the normal balance, and how it is presented on the Balance Sheet. 6.Why would the bank balance be different than the ledger balance? Explain at least four reasons.

7.What taxes do employees pay on payroll? (List all)

8.What types ofdeductions are made out of employees checks? (List at least four) 9.Explain what a controlling account is? Hint: A/P and A/R. 10.What type of account is unearned revenue and what is it used for? Including classification and normal balance.