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Questions and Answers
Which accounts are considered Real Accounts in the accounting equation?
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?
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?
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?
What is the purpose of a source document in the accounting cycle?
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What is the function of a journal in the accounting cycle?
What is the function of a journal in the accounting cycle?
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Which accounts are included in Real Accounts according to the accounting equation?
Which accounts are included in Real Accounts according to the accounting equation?
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What is the mnemonic for remembering the normal balances of Real Accounts?
What is the mnemonic for remembering the normal balances of Real Accounts?
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What is the purpose of a source document in the accounting cycle?
What is the purpose of a source document in the accounting cycle?
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In the Chart of Accounts, how are the accounts arranged in the financial statements?
In the Chart of Accounts, how are the accounts arranged in the financial statements?
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What is the function of a journal in the accounting cycle?
What is the function of a journal in the accounting cycle?
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