Ch3_Summary_Practice_Test - Ch 3 Summary Practice Test...

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Ch 3 Summary Practice Test Name: Section: Date: Part I: Instructions Fill in the blank to complete the statement. 1. A is an accounting period that runs for any 12 consecutive months. 2. are prepared for parts of a fiscal year (monthly, quarterly, etc.). 3. The eliminates the need for footings. 4. The positive balance of each account is referred to as its . 5. The process of recording transactions in a journal is called . 6. Entries are journalized in . 7. A ledger is often called a . 8. The portion of a journal entry is indented and placed below the 9. A journal entry requiring three or more accounts is called a 10. Prepaid rent is a(n) on the balance sheet. 11. When supplies are used up or consumed they become a(n) . 12. The book of original entry usually refers to a(n) . 13. The process of transferring information from a journal to a ledger is called 14. deals with the process of updating the PR of the journal from the account n of the ledger to indicate to which account in the ledger information has been posted. 15.
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This note was uploaded on 02/10/2011 for the course ACCOUNTING 101 taught by Professor B.j. during the Summer '07 term at Edmonds Community College.

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Ch3_Summary_Practice_Test - Ch 3 Summary Practice Test...

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