ACC210 Ch3 Q's

ACC210 Ch3 Q's - 4 a Assets down and Stockholders Equity...

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Lisa Symanski Chapter 3 Questions 1,3,4,10,13,19,20 1. The accounting information system is the system of collecting and processing transaction data ad communicating financial information to decision makers. The steps in the recording process are to 1) analyze each transaction in terms of its effect on the accounts 2) enter the transaction information into a journal and 3) transfer the journal information to the appropriate accounts in the ledger. 3. a. No, because the financial position of the company will not change. b. Yes, the financial position is changed c. No, does not change the financial position of the company d. Yes, it changes the company’s financial position
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Unformatted text preview: 4. a. Assets down and Stockholders Equity down b. Assets up and Assets down c. Equity up and Assets up d. Assets down and Liabilities down 10. a. Debits for increase b. debits for increase c, debut for increase d. credit for increase e. credit for increase f. debit for increase g. credit for increase 13. a. both b. both c. debit d. both e. debit f. credit 19. The trial balance lists accounts and their balances at a given time. It proves the mathematical equality of debits and credits after posting, can uncover errors, and is usefull in the preparation of financial statements. 20. B, C, A, D, E...
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This note was uploaded on 03/30/2008 for the course ACC ACC210 taught by Professor Unknown during the Spring '06 term at N.C. State.

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