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Right!",""] Text[2]=["

Wrong","The general ledger is the accounting record that contains all of a business's accounts and balances."] Text[3]=["

Wrong","Just the opposite is true; a debit is entered on the left side and a credit on the right side of an account."] Text[4]=["

Wrong","The chart of accounts is a listing of the accounts in the general ledger."] Text[5]=["

Wrong","Journals are the books of original entry (transactions are first entered here)."] Text[6]=["

Wrong","A compund entry is a journal entry that has more than one debit and/or credit."] Text[7]=["

Wrong","Posting is the process of transferring balances from the Journals to the General Ledger."] Text[8]=["

Wrong","An account is the record used to record summarized financial information about assets, liabilities, equity, revenues, and expenses."] Text[9]=["

Wrong","The formal financial statement based on the accounting equation is the Balance Sheet."] Text[10]=["

Wrong","A corporation is the form of business that is also a legal entity."] Text[11]=["

Wrong","The periodic inventory system does require a physical inventory count in order to assign costs to cost of goods sold and ending (on hand) inventory."] Text[12]=["

Wrong","Title to the goods pass to the buyer when the goods are shipped if the purchase terms are FOB Shipping Point."] Text[13]=["

Wrong","A Perpetual Inventory System is often used when the goods are high dollar value items; a jewelry store would be a good example."] Text[14]=["

Wrong","A deposit in transit is added to the bank balance."] Text[15]=["

Wrong","Outstanding checks are deducted from the bank balance."] Text[16]=["

Wrong","The Income Statementy is a formal financial statement that reports the profit or loss for a business."] Text[17]=["

Wrong","The same individual should not receive (have access) to the cash (checks) and also record the cash received."] Text[18]=["

Wrong","The Balance Sheet is the formal financial statement used to analyze the liquidity and the debt paying abilities of a business."] Text[19]=["

Wrong","Although inventory is an example of a short term asset, it is not considered a liquid asset. All the others are."] Text[20]=["

Wrong","The costs assigned to unsold and on hand units is called Merchandise Inventory and is an asset."] Text[21]=["

Wrong","The cost of inventory is deducted on the income statement when the goods are sold."] Style[0]=["white","black","#000099","#E8E8FF","","","","","","","","","","",200,"",2,2,10,10,51,1,0,"",""] Style[1]=["white","black","#cc0000","#f4f4f4","","","","","","","center","",2,2,350,"",2,2,10,15,"","","","",""] Style[2]=["white","black","#cc0000","#f4f4f4","","","","","","","center","",2,2,590,"",2,2,10,10,"","","","",""] Style[3]=["white","black","#cc0000","#f4f4f4","","","","","","","center","",2,2,100,"",2,2,0,15,"","","","",""] Style[4]=["white","black","#cc0000","#f4f4f4","","","","","","","center","",2,2,700,"",2,2,10,10,"","","","",""] Style[5]=["white","black","#cc0000","#f4f4f4","","","","center","","","","",2,2,250,"",2,2,5,15,"","","","",""] Style[6]=["white","black","#cc0000","#f4f4f4","","","","center","","","","",2,2,150,"",2,2,5,5,"","","","",""] Style[7]=["white","black","#cc0000","#f4f4f4","","","","","","","","",2,2,350,"",2,2,0,20,"","","","",""] Style[8]=["white","black","#cc0000","#f4f4f4","","","","","","","","",2,2,350,"",2,2,5,20,"","","","",""] Style[9]=["white","black","#cc0000","#f4f4f4","","","","","","","center","",2,2,100,"",2,2,10,10,"","","","",""] Style[10]=["white","black","#cc0000","#f4f4f4","","","","center","","","","",2,2,175,"",2,2,5,15,"","","","",""] Style[11]=["white","black","#cc0000","#f4f4f4","","","","center","","","","",2,2,350,"",2,2,5,15,"","","","",""] Style[12]=["white","black","#000099","#E8E8FF","","","","","","","","","","",200,"",2,2,40,10,"","","","",""] applyCssFilter()