Question 1

Almost any document that provides information about a business transaction is included in the chart of accounts.

Accepted Answer

A) True 
 B)False

Question 2

Entering transactions in a journal is called posting.

Accepted Answer

A) True 
 B)False

Question 3

Purchase invoices received from suppliers provide information about

Accepted Answer

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

Question 4

An account in the chart of accounts is assigned a number at random.

Accepted Answer

A) True 
 B)False

Question 5

For EVERY transaction, the accountant enters the

Accepted Answer

A)  year, month, and day. 
B)  month and day. 
C)  day. 
D)  year and day. 
A)  year, month, and day. 
B)  month and day. 
C)  day. 
D)  year and day.

Question 6

Match the terms with the definitions.
-​The link provided by the information in the Posting Reference columns of the journal and ledger.

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 7

A chart of accounts does NOT include

Accepted Answer

A)  assets. 
B)  liabilities. 
C)  owner's equity. 
D)  names of suppliers. 
A)  assets. 
B)  liabilities. 
C)  owner's equity. 
D)  names of suppliers.

Question 8

Receipt stubs, carbon copies of receipts, cash register tapes, or memos of cash register totals provide information about

Accepted Answer

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

Question 9

Purchase invoices received from suppliers provide information about

Accepted Answer

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

Question 10

In some cases, erasures are better for corrections than the ruling method.

Accepted Answer

A) True 
 B)False

Question 11

The posting reference, amount, and description are the three items of information about each transaction that should
be entered in the ledger accounts.

Accepted Answer

A) True 
 B)False

Question 12

No entries are made in the Posting Reference column in a two-column journal when journalizing.

Accepted Answer

A) True 
 B)False

Question 13

Match the terms with the definitions.
-​Used to prove the equality of the debits and credits in the ledger accounts.

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 14

The general ledger is kept to supply management with desired information in summary form.

Accepted Answer

A) True 
 B)False

Exam 4: Journalizing and Posting Transactions

Almost any document that provides information about a business transaction is included in the chart of accounts.

Entering transactions in a journal is called posting.

Purchase invoices received from suppliers provide information about

An account in the chart of accounts is assigned a number at random.

For EVERY transaction, the accountant enters the

Match the terms with the definitions. -​The link provided by the information in the Posting Reference columns of the journal and ledger.

A chart of accounts does NOT include

Receipt stubs, carbon copies of receipts, cash register tapes, or memos of cash register totals provide information about

Purchase invoices received from suppliers provide information about

In some cases, erasures are better for corrections than the ruling method.

The posting reference, amount, and description are the three items of information about each transaction that should be entered in the ledger accounts.

No entries are made in the Posting Reference column in a two-column journal when journalizing.

Match the terms with the definitions. -​Used to prove the equality of the debits and credits in the ledger accounts.

The general ledger is kept to supply management with desired information in summary form.

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. -The link provided by the information in the Posting Reference columns of the journal and ledger.

Match the terms with the definitions. -Used to prove the equality of the debits and credits in the ledger accounts.