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Intermediate Accounting I: Quiz Study Questions for Chapter 3, Quizzes of Financial Accounting

Study questions for chapter 3 of intermediate accounting i, focusing on accounting concepts such as events, transactions, real and nominal accounts, general and subsidiary ledgers, journal entries, posting, trial balance, adjusted trial balance, post-closing trial balance, adjusting entries, balance sheet, income statement, cash flows statement, statement of retained earnings, and closing entry. Students are asked to define or describe various accounting terms and identify normal balances for different account types.

Typology: Quizzes

Pre 2010

Uploaded on 08/09/2009

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ACCT 301 - Intermediate Accounting I Spring 2002
Chapter 3 quiz study questions
1. Define/describe the following: (obj.1)
event
transaction
real account
nominal account
general ledger
subsidiary ledger
journal
posting
trial balance
adjusted trial balance
post-closing trial balance
adjusting entry
balance sheet
income statement
cash flows statement
statement of retained earnings
closing entry
2. Identify the normal balance for each account type: Asset, Liability, Equity, Revenue, Expense.
(obj.2)
3. What is the purpose of adjusting entries? At what point in time are adjusting entries
prepared? (obj.5)
4. What purpose does adjusting entries for prepayments serve? (obj.5)
5. What purpose does adjusting entries for accruals serve? (obj.5)
6. What is the purpose of the adjusted trial balance? (obj.5)
7. What is the purpose of the closing process? (obj.6)

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ACCT 301 - Intermediate Accounting I Spring 2002 Chapter 3 quiz study questions

  1. Define/describe the following: (obj.1)  event  transaction  real account  nominal account  general ledger  subsidiary ledger  journal  posting  trial balance  adjusted trial balance  post-closing trial balance  adjusting entry  balance sheet  income statement  cash flows statement  statement of retained earnings  closing entry
  2. Identify the normal balance for each account type: Asset, Liability, Equity, Revenue, Expense. (obj.2)
  3. What is the purpose of adjusting entries? At what point in time are adjusting entries prepared? (obj.5)
  4. What purpose does adjusting entries for prepayments serve? (obj.5)
  5. What purpose does adjusting entries for accruals serve? (obj.5)
  6. What is the purpose of the adjusted trial balance? (obj.5)
  7. What is the purpose of the closing process? (obj.6)