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- 1. Multiple Choice
_________ refers to the process of transferring the debit and credit accounts from journal entry to ledger.
a. Balancing off
b. Transferring
c. Posting
d. Closing
- 2. Multiple Choice
_______ refers to the process of entering a transactions into the books of original entry.
a. Identifying
b. Classifying
c. Reporting
d. Recording
- 3. Multiple Choice
What function do general ledgers serve in the accounting process?
a. Summarizing
b. Recording
c. Classifying
d. Reporting
- 4. Multiple Choice
A chart of accounts is a (an)?
a. Journal
b. Flowchart of all transactions
c. List of names of all account titles
d. Accounting procedure manual
- 5. Multiple Choice
A journal entry that contains more than two accounts is called
a. A posted journal entry
b. A compound journal entry
c. An adjusting journal entry
d. An erroneous journal entry
- 6. Multiple Choice
Entries recorded on the right side of any account are called
a. Debits
b. Increases
c. Credits
d. Decreases
- 7. Multiple Choice
The sequence of the account titles in a trial balance depends upon the size of the account balances.
TRUE
FALSE
- 8. Multiple Choice
The normal balance of any account refers to the side of the account -debit or credit -where decreases are recorded
TRUE
FALSE
- 9. Multiple Choice
A trial balance may be balance but may not be correct.
TRUE
FALSE
- 10. Multiple Choice
Transactions are analyzed on the basis of source documents
TRUE
FALSE
- 11. Multiple Choice
After journal entries have been recorded, they can be posted to
a. General Journal
b. Ledger Accounts
c. Income Statement
d. Expense Reports
- 12. Multiple Choice
Before year-end adjusting journal entries are made, which trial balance contains all of the business accounts?
a. Adjusted Trial Balance
b. Unadjusted Trial Balance
c. Post-closing Trial Balance
d. Pre-closing Trial Balance
- 13. Multiple Choice
A tool that assists bookkeepers and accountants in completing the accounting cycle.
a. Financial Ratio Estimator
b. Expense Calculator
c. Accounting Worksheet
d. Excel
- 14. Multiple Choice
Entries made to transfer temporary account balances to permanent accounts.
a. Journal Entries
b. Adjusting Entries
c. Reversing Entries
d. Closing Entries
- 15. Multiple Choice
Accounts with balances that are carried over to future years.
a. Temporary Accounts
b. Permanent Accounts
c. Expense Accounts
d. Withdrawal Accounts
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