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81 a group of related accounts that comprise a complete unit is called a a journal b 4297219


81. A group of related accounts that comprise a complete unit is called a 
A. journal
B. liability
C. ledger
D. transaction

82. Accounts are classified in the ledger 
A. chronologically
B. alphabetically
C. in accordance with their appearance in the financial statements
D. so that accounts used most often are listed first

83. Revenue should be recognized when 
A. cash is received
B. the service is performed
C. the customer places an order
D. the customer charges an order

84. Which of the following accounts is an stockholders' equity account? 
A. Cash
B. Accounts Payable
C. Prepaid Insurance
D. Retained Earnings

85. The gross increases in stockholders' equity attributable to business activities are called 
A. assets
B. liabilities
C. revenues
D. net income

86. A chart of accounts is 
A. the same as a balance sheet
B. usually a listing of accounts in alphabetical order
C. usually a listing of accounts in financial statement order
D. used in place of a ledger

87. The debit side of an account 
A. depends on whether the account is an asset, liability or stockholders' equity
B. can be either side of the account depending on how the accountant set up the system
C. is the right side of the account
D. is the left side of the account

88. An account is said to have a debit balance if 
A. the amount of the debits exceeds the amount of the credits
B. there are more entries on the debit side than on the credit side
C. its normal balance is debit without regard to the amounts or number of entries on the debit side
D. the first entry of the accounting period was posted on the debit side

89. Which statement(s) concerning cash is (are) true? 
A. cash will always have more debits than credits
B. cash will never have a credit balance
C. cash is increased by debiting
D. all of the above

90. A debit may signify a(n) 
A. decrease in asset accounts
B. decrease in liability accounts
C. increase in the capital stock account
D. decrease in the dividend account


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