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Accounting Basics

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Questions and Answers

Which accounts are considered Real Accounts in the accounting equation?

Revenue and Expenses

Liabilities and Equity

Assets and Liabilities

Assets, Liabilities, and Equity (correct)

Where are the nominal accounts positioned in the financial statements?

At the end, after expenses (correct)

After equity, before income

At the beginning, before assets

Between assets and liabilities

What is the mnemonic for remembering the normal balances of Real Accounts?

REVLIR

LIABEQ

ASSETLE

DEA LER (correct)

What is the purpose of a source document in the accounting cycle?

To provide original written evidence of transactions Signup and view all the answers

What is the function of a journal in the accounting cycle?

To provide a chronological record of the entity’s transactions Signup and view all the answers

Which accounts are included in Real Accounts according to the accounting equation?

Assets, Liabilities, and Equity Signup and view all the answers

What is the mnemonic for remembering the normal balances of Real Accounts?

DEA LER Signup and view all the answers

What is the purpose of a source document in the accounting cycle?

To provide original written evidence of transactions Signup and view all the answers

In the Chart of Accounts, how are the accounts arranged in the financial statements?

Assets first, followed by liabilities, owner’s equity, income, and expenses Signup and view all the answers

What is the function of a journal in the accounting cycle?

To provide a chronological record of the entity’s transactions Signup and view all the answers

Accounting Basics

Choose a study mode

Podcast

Questions and Answers

Which accounts are considered Real Accounts in the accounting equation?

Where are the nominal accounts positioned in the financial statements?

What is the mnemonic for remembering the normal balances of Real Accounts?

What is the purpose of a source document in the accounting cycle?

What is the function of a journal in the accounting cycle?

Which accounts are included in Real Accounts according to the accounting equation?

What is the mnemonic for remembering the normal balances of Real Accounts?

What is the purpose of a source document in the accounting cycle?

In the Chart of Accounts, how are the accounts arranged in the financial statements?

What is the function of a journal in the accounting cycle?

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