Recent Lessons

Show all results for ""

Feature Overview

Ace your exams with our all-in-one platform for creating and sharing quizzes and tests.

Quizzes

Create quizzes and tests automatically from your content using AI.

Flashcards

Automatically turn your notes into digital flashcards.

Share, Export & Embed

Share with classmates or export to Excel and your learning management system.

Stats & Reporting

Auto-grading quizzes and tests with detailed stats and reports.

Mobile Apps

The smarter way to study – wherever you are.

Pricing Schools Business

Features Pricing Schools Business

Accounting Information Systems and Events in Transactions

10 Questions

0 Views

Accounting Information Systems and Events in Transactions

Choose a study mode

Play Quiz

Study Flashcards

Spaced Repetition

Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

Which type of accounts are considered real (permanent) accounts?

Liability, equity, and dividend accounts

Revenue, expense, and dividend accounts

Asset, revenue, and expense accounts

Asset, liability, and equity accounts (correct)

What kind of events are generally the source or cause of changes in assets, liabilities, and equity?

External events only

Non-financial events

External or internal events (correct)

Internal events only

What is the purpose of periodically closing nominal accounts?

To ensure nominal accounts remain open indefinitely

To transfer balances to real accounts (correct)

To keep track of asset changes

To prepare financial statements

What does a ledger contain?

All asset, liability, equity, revenue, and expense accounts (C) Signup and view all the answers

Why are real accounts sometimes referred to as permanent accounts?

Because they remain open indefinitely (A) Signup and view all the answers

What is the purpose of a subsidiary ledger?

Containing details related to a specific general ledger account (C) Signup and view all the answers

When are adjusting entries typically made in accounting?

At the end of an accounting period to update accounts to an accrual basis (A) Signup and view all the answers

What is the primary purpose of a post-closing trial balance?

To show the financial position of the company after closing entries (A) Signup and view all the answers

In accounting, what does it mean when an account shows a debit balance?

The total of debit amounts exceeds the total credits in the account (D) Signup and view all the answers

What is the purpose of closing entries in accounting?

To reduce all nominal accounts to zero and transfer net income or loss (B) Signup and view all the answers