Question 1

How are credits distinguished from debits in the journal?

Accepted Answer

A)  A line separation 
B)  A different color 
C)  Indenting 
D)  There is no distinction. 
A)  A line separation 
B)  A different color 
C)  Indenting 
D)  There is no distinction.

Question 2

"PR" in the general journal and general ledger stands for:

Accepted Answer

A)  past reference. 
B)  posting reference. 
C)  prior receipt. 
D)  post review. 
A)  past reference. 
B)  posting reference. 
C)  prior receipt. 
D)  post review.

Question 3

Interim statements are prepared to:

Accepted Answer

A)  notify management of the company's current financial position. 
B)  notify investors of the company's current financial position. 
C)  allow management to make changes to the business before processing year-end financial statements. 
D)  All of the above are correct. 
A)  notify management of the company's current financial position. 
B)  notify investors of the company's current financial position. 
C)  allow management to make changes to the business before processing year-end financial statements. 
D)  All of the above are correct.

Question 4

Correctly posting a transaction twice will cause the trial balance totals to be unequal.

Accepted Answer

A) True 
 B)False

Question 5

The proper format for a journal entry includes all of the following, except:

Accepted Answer

A)  the total amounts of debits must equal the total amount of credits. 
B)  skip a line between transactions. 
C)  the credit portion of the transaction is always indented. 
D)  listed in the order of highest dollar value. 
A)  the total amounts of debits must equal the total amount of credits. 
B)  skip a line between transactions. 
C)  the credit portion of the transaction is always indented. 
D)  listed in the order of highest dollar value.

How are credits distinguished from debits in the journal?

"PR" in the general journal and general ledger stands for:

Interim statements are prepared to:

Correctly posting a transaction twice will cause the trial balance totals to be unequal.

The proper format for a journal entry includes all of the following, except:

Accounting Concepts and Procedures

Debits and Credits: Analyzing and Recording Business Transactions

The Accounting Cycle Continued

The Accounting Cycle Completed

Banking Procedure and Control of Cash

Calculating Pay and Payroll Taxes: the Beginning of the Payroll Process

Paying, Recording, and Reporting Payroll and Payroll Taxes:

Sales and Cash Receipts

Purchases and Cash Payments

Preparing a Worksheet for a Merchandise Company

Completion of the Accounting Cycle for a Merchandise Company

Accounting for Bad Debts

Notes Receivable and Notes Payable

Accounting for Merchandise Inventory

Accounting for Property, Plant, Equipment, and Intangible Assets

Partnership

Corporations: Organizations and Stock

Corporations: Stock Values, Dividends, Treasury Stocks,

Corporations and Bonds Payable

Statement of Cash Flows

Analyzing Financial Statements

The Voucher System

Departmental Accounting

Manufacturing Accounting

Filters

Exam 3: Beginning the Accounting Cycle

How are credits distinguished from debits in the journal?

"PR" in the general journal and general ledger stands for:

Interim statements are prepared to:

Correctly posting a transaction twice will cause the trial balance totals to be unequal.

The proper format for a journal entry includes all of the following, except:

Accounting Concepts and Procedures

Debits and Credits: Analyzing and Recording Business Transactions

The Accounting Cycle Continued

The Accounting Cycle Completed

Banking Procedure and Control of Cash

Calculating Pay and Payroll Taxes: the Beginning of the Payroll Process

Paying, Recording, and Reporting Payroll and Payroll Taxes:

Sales and Cash Receipts

Purchases and Cash Payments

Preparing a Worksheet for a Merchandise Company

Completion of the Accounting Cycle for a Merchandise Company

Accounting for Bad Debts

Notes Receivable and Notes Payable

Accounting for Merchandise Inventory

Accounting for Property, Plant, Equipment, and Intangible Assets

Partnership

Corporations: Organizations and Stock

Corporations: Stock Values, Dividends, Treasury Stocks,

Corporations and Bonds Payable

Statement of Cash Flows

Analyzing Financial Statements

The Voucher System

Departmental Accounting

Manufacturing Accounting

Filters