Questions from College Accounting

Q: Why is Prepaid Rent considered an asset account?

Why is Prepaid Rent considered an asset account?

Q: What is the purpose of a journal?

What is the purpose of a journal?

Q: How should corrections be made in the general journal?

How should corrections be made in the general journal?

Q: What is an audit trail? Why is it desirable to have

What is an audit trail? Why is it desirable to have an audit trail?

Q: In what order are accounts arranged in the general ledger? Why

In what order are accounts arranged in the general ledger? Why?

Q: What is a ledger?

What is a ledger?

Q: What is posting?

What is posting?

Q: An excerpt from the Consolidated Statements of Earnings for The Home Depot

An excerpt from the Consolidated Statements of Earnings for The Home Depot, Inc., is presented below. Review the financial data and answer the following analysis questions. Analyze: 1. The Home Depot,...

Q: What are posting references? Why are they used?

What are posting references? Why are they used?

Q: What is the accounting cycle?

What is the accounting cycle?