Executive Solution Overview
please see attachment **files (1)** – ## ACCOUNTINGQUIZ.docx **## ACCOUNTINGQUIZ.docx** Unit 3: Analyzing and Recording Transactions ——- Unit 4: The adjustment process 1-Why is the adjusting process needed? 2-Name two types of adjusting journal entries that are commonly made before preparing 3-f…
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please see attachment
**files (1)**
– ## ACCOUNTINGQUIZ.docx
**## ACCOUNTINGQUIZ.docx**
Unit 3: Analyzing and Recording Transactions ——- Unit 4: The adjustment process
1-Why is the adjusting process needed?
2-Name two types of adjusting journal entries that are commonly made before preparing
3-financial statements? Explain, with examples.
4-Why are adjusting journal entries needed?
5-What is the difference between the trial balance and the adjusted trial balance?
6-Why is the adjusted trial balance trusted as a reliable source for building the financial statements?
7-What do the terms “debit” and “credit” mean?
8-Why does the combined total of the company’s liabilities and equity always equal the total of the company’s assets?
9-How do revenues and expenses affect the accounting equation?
10-Will an accounts receivable balance increase with a debit or a credit entry? How do you know?
11-What is the general ledger?
12-Explain what a T-account is and what purpose it serves.
13-What is an unearned account? What type of account is it?
**## ACCOUNTINGQUIZ.docx**
Unit 3: Analyzing and Recording Transactions ——- Unit 4: The adjustment process
1-Why is the adjusting process needed?
2-Name two types of adjusting journal entries that are commonly made before preparing
3-financial statements? Explain, with examples.
4-Why are adjusting journal entries needed?
5-What is the difference between the trial balance and the adjusted trial balance?
6-Why is the adjusted trial balance trusted as a reliable source for building the financial statements?
7-What do the terms “debit” and “credit” mean?
8-Why does the combined total of the company’s liabilities and equity always equal the total of the company’s assets?
9-How do revenues and expenses affect the accounting equation?
10-Will an accounts receivable balance increase with a debit or a credit entry? How do you know?
11-What is the general ledger?
12-Explain what a T-account is and what purpose it serves.
13-What is an unearned account? What type of account is it?
