5 Questions
Which of the following is NOT a learning objective mentioned in Chapter 2?
Describe the characteristics of an account and a chart of accounts.
What are accounting systems designed to show?
The increases and decreases in each accounting equation element as a separate record.
What is the record called that shows the increases and decreases in each accounting equation element?
Account record
What is the term used for recording transactions using the double-entry accounting system?
Journalizing
What is the purpose of preparing an unadjusted trial balance?
To determine the accuracy of the financial statements.
Study Notes
Accounting Systems and Learning Objectives
- Accounting systems are designed to show the financial position and performance of a business.
Accounting Records
- The record that shows the increases and decreases in each accounting equation element is called a ledger.
Double-Entry Accounting System
- The term used for recording transactions using the double-entry accounting system is journalizing.
Trial Balance
- The purpose of preparing an unadjusted trial balance is to ensure that debits equal credits and to provide a basis for preparing financial statements.
Test your knowledge of analyzing transactions in accounting with this quiz. Learn about the characteristics of accounts and charts of accounts, journalizing transactions using the double-entry accounting system, and the journalizing and posting of transactions to accounts. Prepare for success in the world of accounting with this quiz.
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