Unit 4 accounting grade 11 quiz review

In the classified balance sheet, which accounts do you single underline?

Last current, last fixed and total fixed asset, last long term liabilities and total long term, owner’s capital

In the owner’s equity row, what would you do if you had a decrease in capital?

Put brackets between the number, don’t underline!

What do you only double underline in the classified B/S?

total assets and total liabilities & owner’s equity

In an income statement, which do you single and double underline?

Single underline: last revenue and expense account 

Double underline: Net income, add up expenses and revenue to get net income

In an income statement, accounts get listed as highest first for revenues and expenses, T or F?

true

What are the PR numbers for the 5 types of accounts?

Assets: 101-199

Liabilities: 201-299

Owner’s equity: 301-399

Revenue: 401-499

Expenses: 501-599

In transaction errors, what does omission, error of principle and commission error mean?

Omission: did not/ forgot to

Error of principle: Account is recorded as the correct amount, but is on the wrong account

Commission error: Transaction is recorded incorrect of it’s amount