Building is an example of a current asset.

/ FALSE
It is the part in a journal entry that contains a brief description of the transaction/event that took
place./ Explanation or Description
It is the part or column in a journal entry that contains the amount increased by recording a
transaction./ Debit Column
It is the part or column in a journal entry that contains the amount decreased by recording a
transaction./ Credit Column
It is the part or column in a journal entry that contains the date when the transaction/event
occurred./ Date Column
It is the part or column in a journal entry that contains the special coding given to every account
to easily find the source document./ Reference (Ref) Column 

Land is a non-current asset that does not depreciate./ TRUE

Liability is an accounting element which the business owned./ FALSE

Partnership is an entity owned by one person called sole proprietor./ FALSE 

Servicing is an activity of the business which offers service to clients in exchange for a fee./
TRUE
A document which serves as evidence an act of placing money in the custody of a bank, to be
Bank Deposit Slip
withdrawn at the will of the depositor or under rules and regulations agreed upon Answer

A draft upon a bank and payable on demand signed by the maker or drawer, containing an
Check
unconditional, promise to pay a certain sum of money to the order of the payee Answer

A promise or engagement in writing to pay a specified amount at a time therein limited to a

Promiss
person named Answer

A written itemized statement of merchandises sold to the buyer, together with the prices and
charges of merchandise is/invoice
Document that serves to recognize a liability and authorize the disbursement of cash through
Check
the use of check Answer

Document that serves to recognize liability and authorize the disbursement of cash through the
Petty C
use of petty cash fund Answer

Informs the client of an increase in his account from the bank/ credit memorandum
Report issued periodically by a bank or creditor to a customer setting forth the amount billed,
credits given and balance due/billing statement of account
Official
Written acknowledgement of something received as money or goods Answer

Written notice given by the bank which inform client of a reduction in his account is Answer
Debit M
Accounts receivable ledgers and accounts payable ledgers are.../ Subsidiary ledgers
Group of accounts used in accounting which are properly arranged from assets to expenses./
Chart of Accounts 

In posting debit transactions to another debit in the General Ledger, the balance will/increase
Is a group of similar accounts whose combined balances are equal to the balance in a specific
general ledger account./ Subsidiary Ledger 

It is a device form where debits are recorded on the left-side and credits are recorded on the
right side of the letter T./ T-Account
One ledger page shows both the debit and credit sides of a single business transaction./False

One of the things a ledger is good for is.../ Both of the above 

The arrangement of General Ledger is based from the Chart of Accounts./ TRUE
The difference between General Ledger and General Journal is that General Ledger has
a/balance
What does each page of the general ledger represent?/An account from the Chart of accounts
What is another name for the general ledger?/Books of numbers
What standard format is a ledger in?/T

Where is the information in the general ledger posted from?/ General journal 

Which is not included in the main ledgers used in double-entry bookkeeping?/ General journal
Which side of any ledger do debits go on?/Left