741. A ____ lists each of the accounts in the general ledger with its balance as of a particular date. What is it?
A. Trial Balance
B. Balance Sheet
C. General Journal
D. Statement of retained earnings
742. What is the normal balance for an expense account?
D. None of these
743. The act of transferring the information from the General Journal to the General Ledger is called what?
744. Total sales for August, including 7% sales tax, was $21,400. What was the Actual Sales Revenue?
745. The abbreviations for debit and credit (Dr. and Cr.) come from what language, and mean what?
A. Latin, debere and credere
B. Latin, debitor and creditor
C. Greek, debere and credere
D. Greek, debitor and creditor
746. What kind of balance sheet makes distinctions between current and capital assets?
747. What is an account that involves expenses, losses, incomes and gains known as?
A. Basic Account
B. Nominal Account
C. Spending Account
D. None Of These
748. What is a salary in terms of expenses and incomes?
A. Expense for employer and income for employee
B. Expense for employer and income for customer
C. Expense for manager and income for owner
D. Expense for customer and income for employee
749. What is opportunity cost?
A. The next best undergone alternative
B. The cost of the product
C. The next best transfer earning
D. The next best foregone alternative
750. What happens in a Double entry system?
A. For every Debit there is an equal Credit
B. For every Liability there is an equal Credit
C. For every Debit there is an equal Asset
D. There is no such thing as double entry system
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