Introduction to financial accounting Fill-in-the-blank quiz
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A branch of accounting that generates reports and information for the use of internal management for decision making purpose is known as .
A branch of accounting that generates reports and information for the use of internal as well as various external parties is known as .
Investors, lenders, and suppliers are examples of users of accounting information provided by a business entity.
Assets = Liabilities + .
is the foundation of double entry system.
The accounting equation remains in after each valid business transaction.
If total value of assets is $100,000 and owner's equity is amounting to $60,000, the liabilities of the business must be equal to .
When a valid business transaction occurs, an increase on one side of accounting equation is balanced either by a corresponding on the same side or by a corresponding on the other side.
is known as the father of modern double entry accounting.
The first book on double entry system of accounting was written in .
Under of accounting, the two aspects of each transaction are recorded.
The information about number and titles of accounts maintained by an entity is usually available in its .
The left hand side of a T-account is known as side and the right hand side is known as side.
The collection or group of accounts maintained by a business is collectively known as .
The term is abbreviated as Dr.
The term credit is abbreviated as .
Recording depreciation on fixed assets is a(n) transaction.
An account format in which balance is updated after each transaction is known as account format.
An event that impacts the financial position of a business and that is measureable in terms of money is known as .
The business transaction is also known as transaction.
Every valid business transaction affects at least accounts.
If the normal balance of an account is credit, any decrease would be recorded on side of that account.
The normal balance of all liability accounts are .
A manager is considered a(n) user of accounting information of an entity.
For indexing and verification, each account in a chart of accounts is assigned a .
The normal balance of all asset and expense accounts is .
The normal balance of all revenue and equity accounts is .
According to modern classification of accounts, furniture account is a(n) account.
According to traditional classification of accounts, the John's account is a account.
The normal balance of a contra revenue account would be .
According to traditional classsification, the purchases account is a account.
The normal balance of an asset account is debit. The normal balance of any contra asset account would therefore be .
According to modern classification of accounts, the sales account is a(n) account.
The normal balance of liability accounts is creddit. Therefore, any increase in a liability is recorded on the side and any decrease is recorded on the side of the relevant liability account.
The normal balance of a contra account is to the normal balance of the relevant normal account.
When capital/equity increases, its account is .
Sales returns and allowances account is an example of revenue account.
According to traditional classification of accounts, accounts related to persons and organizations are classified as .
The contra accounts are also termed as .
According to traditional classification, accounts related to tangible and intangible properties are classified as .
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