ACC201_StdyGuide.docVIP

ACC201 … STUDY GUIDE for TEST ONE (Chapters 1, 2, 3) Test #1 will consist of 50-60 of the questions below. (Finding the “answers” to these questions is part of the review) True or False Owners equity represents the amount of assets that can be claimed by creditors. The right-hand side of an account is always the increase side. A ledger is a chronological record of a business’s transactions. The chart of accounts proves that all transactions were correctly journalized and posted. In accrual-basis of accounting, revenues are recorded when a service is performed