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Accounting Information Systems and Events in Transactions

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Accounting Information Systems and Events in Transactions

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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 Signup and view all the answers

Why are real accounts sometimes referred to as permanent accounts?

Because they remain open indefinitely Signup and view all the answers

What is the purpose of a subsidiary ledger?

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