7 which of the following is a real account a

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_____ 7. Which of the following is a real accountA.Depreciation expenseC. Furniture and fixturesB.Professional expenseD. Cost of Sales_____ 8. Which of the following does not describe a liability?
_____ 9. Which of the following combinations below will decrease owner’s equity?
_____ 10. Which of the following is not among the basic purposes of chart of accounts?
II.Identification. Identify the term/s being described. Write your answer after the statement.1.This refers to the specific ledger account which is supported be detailed information in thesubsidiary ledger. _____________________________2.This is a journal used to record all cash receipts from whatever source. _________________________
3.A journal used to record all other transactions which cannot be recorded in a special journal.4.It is also known as the book of the original entry. _____________________5.This shows information on which customer owes the business and how much. _________________6.This is a journal used to record recurring transactions. ______________________7.It is a journal used to record transactions involving payment of cash for whatever purpose._______________________8.This is also known as the book of the final entry. ___________________9.It serves as the company’s financial memory. ______________________10. This a journal that only a debit to purchases and a credit to accounts payable is recorded.___________________III.Discussion Questions:1.Does the basic accounting equation have to be balanced at all times? Why?2.Differentiate real accounts from nominal accounts.3.What are the normal balances of asset accounts, liability accounts, and owner’s equity accounts?4.Differentiate current liabilities from non-current liabilities.5.How is the chart of accounts designed?6.Differentiate current assets from non-current assets.7.Discuss briefly the major accounts.8.What is double-entry bookkeeping?9.What is a debit? Is it synonymous with increase?10. What is a credit? Is it synonymous with decrease?Prepared by:ARRAH BELLA L. TAPAOAN
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Term
Fall
Professor
N/A
Tags
Balance Sheet, Generally Accepted Accounting Principles, Double entry bookkeeping system, D Assets

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