Chapter 2

Question 1

Asset Accounts

Answer 1

Cash, prepaid, equipment, land, receivable, supplies, buildings

Question 2

Liability accounts

Answer 2

Ap, accrued liabilities, unearned revenue, payable

Question 3

O E accounts

Answer 3

Common stock, dividends, revenue, expenses

Question 4

Process of double entry accounting

Answer 4

Identify transactions and source documents
Analyze transaction using accounting equation
Record journal entries
Post

Question 5

Order of financial statements

Answer 5

1 income statement
2 statement of retained earnings
3 balance sheet
4 statement of cash flow