Chapter 3 Problems

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

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
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?
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
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’
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 6

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

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online