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Accounting 211 Final Set 2

Which business organization is recognized as a separate legal entity under the law?
Retained earnings is
the owners’ equity that has accumulated as a result of profitable operations
The collection of accounts receivable is recorded by a
Debit to Cash and a credit to Accounts Receivable
The process of originally recording a business transaction in the accounting records is termed
A transaction is first recorded in which of the following accounting records?
General Journal
Posting is the process of
Transferring debit and credit entries from the journal into the appropriate ledger accounts
The realization principle indicates that revenue usually should be recognized and recorded in the accounting records
When goods are sold or services are rendered to customers
The matching principle is best demonstrated by
allocating the cost of an asset to expense over the periods during which benefits are derived from ownership of the asset
Accumulated Depreciation is
A contra asset account
Adjusting entries are prepared
before financial statements and after a trial balance has been prepared

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