Exam 3: Beginning the Accounting Cycle

The entry to record the payment of office salaries would be:

The dollar amount of the debits must be equal to the dollar amount of the credits for each transaction.

Business transactions are first recorded in the:

The twelve-month period a business chooses for its accounting period is a(n):

If Capital has been credited, it is likely that:

The debit is indented in a journal entry.

If the debit and credit totals of a trial balance are not equal, it could be due to the following type of error:

The journal entry to record a withdrawal by the owner would most commonly include:

If Rent Expense has been debited, it is likely that:

A credit to an asset account was posted to a liability account. This would cause:

When the trial balance includes a debit column total of $10,390 and a credit column total of $10,910, it is probable that:

Posting is the process of transferring information from the ledger to the trial balance.

The general journal entry to record a payment to a creditor would most commonly include:

The process of initially recording business transactions in a journal is:

A credit to a Liability account was posted to a Revenue account. This would cause:

The trial balance listing is in the opposite order of the chart of accounts.

If the business records a number as 971 and it should be 179, this error would be called:

The process of transferring the data from the journal to the ledger accounts is called posting.

The general ledger:

Define and discuss a calendar year, accounting period, and fiscal year.