Ch 2

Question 0

What is a liabilities normal balance?

Answer 0

Credit (right)

Question 1

Which side is a assets normal balance and what?

Answer 1

debit (left

Question 2

What is owners capital normal balance?

Answer 2

Credit (right)

Question 3

What is owners drawing normal balance?

Answer 3

Debit (left)

Question 4

What is revenues normal balance?

Answer 4

Credit (right)

Question 5

What is expenses normal balance?

Answer 5

Debit(left)

Question 6

Entering transactions data in a journal is called?

Answer 6

Journalizing

Question 7

The entire group of accounts maintained by a company?

Answer 7

Ledger

Question 8

Transferring journal entries to the ledger accounts

Answer 8

Posting

Question 9

A list of accounts and their balances at a given time is?

Answer 9

Trial balance

Question 10

A list of accounts and the account numbers that identify their location in the ledger

Answer 10

Chart of accounts

Question 11

Is an individual accounting record if increases and decreases in a specific asset, liability or owners equity item?

Answer 11

Account

Question 12

What kind of balance is it called when the debits exceed the credits?

Answer 12

Debit balance

Question 13

What balance is it called when the credit exceeds the debits?

Answer 13

Credit balance