Question 1

Firms are more likely to use a four-column journal account than T accounts.

Accepted Answer

A) True 
 B)False

Question 2

A trial balance can only be accurately prepared on the last day of the accounting period after all transactions
have been entered.

Accepted Answer

A) True 
 B)False

Question 3

The information in the Posting Reference columns of the journal and the ledger that provides a link between the
journal and the ledger is known as a(n) ____________________.

Accepted Answer

The answer of The information in the Posting Reference columns...

Question 4

To make the posting process easier, posting reference entries are made at the same time that transactions are
entered in the two-column journal.

Accepted Answer

A) True 
 B)False

Question 5

The ledger is a reliable source of information only when all of the transactions entered in the journal have been
posted.

Accepted Answer

A) True 
 B)False

Question 6

The flow of data through the accounting information system includes analyzing transactions, journalizing, posting, and preparing a trial balance.

Accepted Answer

A) True 
 B)False

Question 7

Corrections in accounts should be made by

Accepted Answer

A)  correction fluid. 
B)  neat erasure. 
C)  the ruling method. 
D)  a permanent marker. 
A)  correction fluid. 
B)  neat erasure. 
C)  the ruling method. 
D)  a permanent marker.

Question 8

Journal entries requiring more than one debit and/or one credit are called ____________________.

Accepted Answer

The answer of Journal entries requiring more than one debit...

Question 9

The Item column in a general ledger is used to provide ____________________ for special entries.

Accepted Answer

The answer of The Item column in a general ledger...

Question 10

Copies of sales tickets or sales invoices issued to customers or clients provide information about

Accepted Answer

A)  sales of goods or services. 
B)  purchases of goods or services. 
C)  cash receipts. 
D)  cash payments. 
A)  sales of goods or services. 
B)  purchases of goods or services. 
C)  cash receipts. 
D)  cash payments.

Question 11

A list of all the accounts used by a business is called a trial balance.

Accepted Answer

A) True 
 B)False

Question 12

Journalizing does NOT include

Accepted Answer

A)  debiting account(s) that are affected. 
B)  crediting account(s) that are affected. 
C)  posting the debits and credits to the accounts. 
D)  entering the date. 
A)  debiting account(s) that are affected. 
B)  crediting account(s) that are affected. 
C)  posting the debits and credits to the accounts. 
D)  entering the date.

Question 13

Source documents provide objective, verifiable evidence of business transactions.

Accepted Answer

A) True 
 B)False

Question 14

Match the terms with the definitions.
-​Almost any document that provides information about a business transaction.

Accepted Answer

A) book of original entry 
B) chart of accounts 
C) compound entry 
D) correcting entry 
E) cross-reference
F)four-column account
G)general ledger
H)journal
I)journalizing
J)posting
K)ruling method
L)slide error
M)source document
N)transposition error
O)trial balance 
A) book of original entry 
B) chart of accounts 
C) compound entry 
D) correcting entry 
E) cross-reference
F)four-column account
G)general ledger
H)journal
I)journalizing
J)posting
K)ruling method
L)slide error
M)source document
N)transposition error
O)trial balance

Question 15

Match the terms with the definitions.
-​Another name for a journal because it is here that the first formal accounting record of a transaction is made.

Accepted Answer

A) book of original entry 
B) chart of accounts 
C) compound entry 
D) correcting entry 
E) cross-reference
F)four-column account
G)general ledger
H)journal
I)journalizing
J)posting
K)ruling method
L)slide error
M)source document
N)transposition error
O)trial balance 
A) book of original entry 
B) chart of accounts 
C) compound entry 
D) correcting entry 
E) cross-reference
F)four-column account
G)general ledger
H)journal
I)journalizing
J)posting
K)ruling method
L)slide error
M)source document
N)transposition error
O)trial balance

Question 16

Copies of sales tickets or sales invoices issued to customers or clients provide information about sales of goods or
services.

Accepted Answer

A) True 
 B)False

Question 17

The Description column of a two-column journal is used to enter the titles of the accounts affected by each
transaction, together with a description of the transaction.

Accepted Answer

A) True 
 B)False

Question 18

The steps in the journalizing process include all of the following EXCEPT

Accepted Answer

A)  enter the balance. 
B)  enter the debit. 
C)  enter the date. 
D)  enter the credit. 
A)  enter the balance. 
B)  enter the debit. 
C)  enter the date. 
D)  enter the credit.

Question 19

The transaction to record payment for delivery equipment that was purchased on account in the previous month would include

Accepted Answer

A)  debiting Cash and crediting Accounts Receivable. 
B)  debiting Cash and crediting Accounts Payable. 
C)  debiting Accounts Payable and crediting Cash. 
D)  debiting Delivery Equipment and crediting Cash. 
A)  debiting Cash and crediting Accounts Receivable. 
B)  debiting Cash and crediting Accounts Payable. 
C)  debiting Accounts Payable and crediting Cash. 
D)  debiting Delivery Equipment and crediting Cash.

Question 20

Instead of T accounts, businesses are more likely to use a

Accepted Answer

A)  chart of accounts. 
B)  balance sheet. 
C)  four-column account. 
D)  special journal. 
A)  chart of accounts. 
B)  balance sheet. 
C)  four-column account. 
D)  special journal.

Exam 4: Journalizing and Posting Transactions

Firms are more likely to use a four-column journal account than T accounts.

A trial balance can only be accurately prepared on the last day of the accounting period after all transactions have been entered.

The information in the Posting Reference columns of the journal and the ledger that provides a link between the journal and the ledger is known as a(n) ____________________.

To make the posting process easier, posting reference entries are made at the same time that transactions are entered in the two-column journal.

The ledger is a reliable source of information only when all of the transactions entered in the journal have been posted.

The flow of data through the accounting information system includes analyzing transactions, journalizing, posting, and preparing a trial balance.

Corrections in accounts should be made by

Journal entries requiring more than one debit and/or one credit are called ____________________.

The Item column in a general ledger is used to provide ____________________ for special entries.

Copies of sales tickets or sales invoices issued to customers or clients provide information about

A list of all the accounts used by a business is called a trial balance.

Journalizing does NOT include

Source documents provide objective, verifiable evidence of business transactions.

Match the terms with the definitions. -​Almost any document that provides information about a business transaction.

Match the terms with the definitions. -​Another name for a journal because it is here that the first formal accounting record of a transaction is made.

Copies of sales tickets or sales invoices issued to customers or clients provide information about sales of goods or services.

The Description column of a two-column journal is used to enter the titles of the accounts affected by each transaction, together with a description of the transaction.

The steps in the journalizing process include all of the following EXCEPT

The transaction to record payment for delivery equipment that was purchased on account in the previous month would include

Instead of T accounts, businesses are more likely to use a

Introduction to Accounting

Analyzing Transactions: the Accounting Equation

The Double-Entry Framework

Adjusting Entries and the Work Sheet

Financial Statements and the Closing Process

Accounting for Cash

Payroll Accounting: Employee Earnings and Deductions

Payroll Accounting: Employer Taxes and Reports

Accounting for Sales and Cash Receipts

Accounting for Purchases and Cash Payments

Special Journals

Accounting for Merchandise Inventory

Adjustments and the Work Sheet for a Merchandising Business

Financial Statements and Year-End Accounting for a Merchandising Business

Accounting for Accounts Receivable

Accounting for Notes and Interest

Accounting for Long-Term Assets

Accounting for Partnerships

Corporations: Organization and Capital Stocks

Corporations: Earnings, Taxes, Distributions, and the Retained Earnings Statement

Corporations: Bonds

Statement of Cash Flows

Analysis of Financial Statements

Departmental Accounting

Manufacturing Accounting: The Job Order Cost System

Manufacturing Accounting: The Work Sheet and Financial Statements

Filters

Match the terms with the definitions. -Almost any document that provides information about a business transaction.

Match the terms with the definitions. -Another name for a journal because it is here that the first formal accounting record of a transaction is made.