Chapter 3 Problems - Chapter 3 Review What is the...

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Chapter 3 Review What is the accounting equation? How do business transactions effect the basic accounting equation? What is an account and how does it help in the recording process? Define debit and credit and explain how they are used to record business transactions? What are the basic steps in the recording process? What is a journal? How does it help in the recording process? What is a ledger? How does it help in the recording process? What is the purpose of posting and how does it help in the recording process? What is the purpose of a trial balance? If the debits equal the credits in the trial balance, will the financial statements be error-free? Why or why not?
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Vocabulary Quiz Name _______________ Chapter 3 1. The group of accounts maintained by a company. 2. A list of a company’s accounts. 3. The procedure of entering transaction data in the journal. 4. Events that require recording in the financial statements because they involve affect assets, liabilities, or stockholders’ equity.
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