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- 1. Multiple ChoiceA blank in the Post. Ref. column of the journal indicates that posting for that line still needs to be completed.TrueFalse
- 2. Multiple ChoiceRecording the posting reference is always the last step in the posting procedure.TrueFalse
- 3. Multiple ChoiceWhenever the credits in an account exceed the debits, the balance is a credit.TrueFalse
- 4. Multiple ChoiceWhat is the procedure for arranging accounts in a general ledger, assigning account numbers, and keeping records currentgeneral ledgerfile maintenanceopening an accountproving cash
- 5. Multiple ChoiceTransferring information form a journal entry to a ledger account is calleddouble entry accountingjournalizingpostingtransaction entry
- 6. Multiple ChoiceThe number assigned to an account is calledaccount titlechart of accountsassetaccount number
- 7. Multiple ChoiceA ledger that contains all accounts needed to prepare financial statements is calledbalance sheet ledgerincome statement ledgergeneral ledgerspecial items ledger
- 8. Multiple ChoiceWhen you write an account title and number on the heading of an account you areposting to a general ledgerrecording transactionsopening an accountmaintaining your business files
- 9. Multiple ChoiceThis is a form recording transactions in chronological order.journalledgerincome statementbalance sheet
- 10. Multiple ChoiceYou are recording info in the ledger. You are posting a debit to an account that already has a debit balance. What do you do?addsubtractjust move the number
- 11. Multiple ChoiceDebit balance of $100. Making an entry of a $50 credit. What's the new balance?Credit of $50Debit of $50Credit of $100
- 12. Multiple Choice
A ledger is a -
group of accounts
form to enter transactions in chronological order
business paper from which information is obtained for an entry
a document used to record sales
- 13. Multiple Choice
There are 5 steps in posting an amount from the debit column of a general journal (p. 98)
True
False
- 14. Multiple Choice
After a journal has been posted, (p. 102)
the Post Ref. column on the Journal is filled in with the account number
the Post Ref. column on the Journal is filled in with a page number
the Post Ref. column on the Journal is filled in with the source document number
the Post Ref. column on the Journal is filled in with the invoice number
- 15. Multiple Choice
Bill Stone, owner, makes a $2,000 draw when there was $14,330 in the Cash account. There wa $34,500 in the Capital account. He would post thus to the General Ledger as
$2,000 Credit Bill Stone, Draw; $2,000 Debit Cash
$2,000 Debit Bill Stone, Draw; $2,000 Credit Cash
$2,000 Credit Bill Stone, Capital; $2,000 Debit Bill Stone. Draw
$2,000 Debit Bill Sone, Capital; $2,000 Credit Bill Stone Draw
- 16. Multiple Choice
Dequan's Car Detailing had cash sales of $840 yesterday. So far he has had $39,600 in Sales and has $2,788 in his Cash account. After posting what wiil be the new GL balances?
Credit Sales $40,440; Debit Cash $3,628
Debit Sales $40,440; Credit Cash $3,628
Credit Sales $35,760; Debit Cash $1,948
Debit Sales $35,760; Credit Cash $1,948
- 17. Multiple ChoiceThe Trial Balance is a listof the assets accounts and the balancesof the revenues and expensesof all the accounts and therir debit or credit balance
- 18. Multiple ChoiceIn which order should accounts be listed?Owner's equity accounts, assets, liabilitiesAssets, Liabilities, Capital, Revenue, and ExpensesAssets, Liabilities, Capital, Withdrawals, Revenue, and Expenses
- 19. Multiple ChoiceThe debit side total should be the same as the creditTrueFalse
- 20. Multiple ChoiceAfter the preparation of ledgers, the next step is the preparation of.Trading accountsTrial balanceProfit and loss accountNone of the above
- 21. Multiple Choice
On the first row of the heading of a Trial Balance, you would record
the Date of the Statement
the Name of the Business
the Name of the Statement
the first Date of the month
- 22. Multiple Choice
One purpose of Trial Balance is to ___.
To verify that the total of all accounts with debit balances = the total of all accounts with credit balances
To help to check for arithmetic (mathematical )errors that may have happened
To help in the preparation of the financial statements
All of the above
- 23. Multiple Choice
Format of Trial Balance > First item to input is___.
Business name
Trial Balance as at 31 December 2018
DR CR
$ $
- 24. Multiple Choice
Nature of General expenses: ____.
DR
CR
- 25. Multiple Choice
Nature of Prepaid expenses: ____. (is a form of current asset)
DR
CR
- 26. Multiple Choice
Nature of drawings: ____.
DR
CR
- 27. Multiple Choice
Nature of capital: ____.
DR
CR
- 28. Multiple ChoiceA list of accounts used by a business is called a(n)listchart of accountsaccounting recorddatabases
- 29. Multiple ChoiceAn increase in owner's equity resulting from the operation of a business.net lossexpenserevenueasset
- 30. Multiple Choice
Which of the following is listed in correct order according to the Accounting Cycle-
Transactions, Source Documents, General Journals, General Ledger, Trial Balance
Source Documents, General Journals, Transactions, General Ledgers, Trial Balance
Source Documents, Transactions, General Journals, General Ledgers, Trial Balance
Transactions, Source Documents, General Ledgers, General Journals, Trial Balance
- Answer choicesTagsAnswer choicesTags