Response the following questions to test your understanding of the materials just presented:
I. Where docs the accountant keep track of the changes in the value of specific assets, liabilities, and the proprietor's capital?
2. What is the bound or loose leaf type book in which individual records of assets, Iiabiliries, and proprietor's capital are kept?
3. What are the: three kinds of information that appear on each side: of the "T" account?
4. What is the left side of the ledger account known as]
S. What is the right side of the ledger account called!
6. On which side of the account are the beginning balances for assets shown?
7. On which side of the account do we show increases in assets?
8. On which side of the account do we show the beginning balances for the proprietor's permanent capital and all liabilities?
9. On which side of the account do we show increases in the value of the various liabilities and proprietor's permanent capital?
10. Where are decreases in the value of assets, liabilities, and proprieror's permanent capital recorded in the account?
11. What does the term "balance" refer to?
12. What does the term "double entry" mean?
13. What document may assist us in remembering where to record the beginning balance for an item?
14. How may we determine the balance in 3 ledger account after trans- actions have been recorded in it?