Question 1

Match the terms below with the correct definitions.
  
-Process of transferring accounts and amounts from journal to ledger

Accepted Answer

G

Question 2

What determines the method you would use to correct an error in the accounting records?

Accepted Answer

The method for correcting errors depends on how and when the error was made. You can use the manual ruling method to correct errors before or after an entry has been posted. You should use the correcting entry method when amounts have been posted to the incorrect account.

Question 3

Shower Flower Company bought equipment, paying cash, $2,500. The accountant would record the following journal entry:

Accepted Answer

B

Question 4

Which of the following is correct?

Accepted Answer

A) The manual ruling method can only be used to correct an error in the journal before posting. 
B) The correcting entry method can only be completed in two steps. 
C) The manual ruling method can be used to correct an error in the ledger after an entry has been posted. 
D) All of the answers listed are correct. 
A) The manual ruling method can only be used to correct an error in the journal before posting. 
B) The correcting entry method can only be completed in two steps. 
C) The manual ruling method can be used to correct an error in the ledger after an entry has been posted. 
D) All of the answers listed are correct.

Question 5

A book of original entry is known as a

Accepted Answer

A) ledger account. 
B) general ledger. 
C) trial balance. 
D) journal. 
E) T account. 
A) ledger account. 
B) general ledger. 
C) trial balance. 
D) journal. 
E) T account.

Question 6

When an entry is posted, the last step in the process is

Accepted Answer

A) recording the explanation. 
B) placing the account number in the Post.Ref.column of the journal. 
C) placing the journal page number in the Post.Ref.column of the ledger. 
D) placing the account number in the Post.Ref.column of the ledger. 
E) placing the balance of the account in either the debit or credit column in the ledger. 
A) recording the explanation. 
B) placing the account number in the Post.Ref.column of the journal. 
C) placing the journal page number in the Post.Ref.column of the ledger. 
D) placing the account number in the Post.Ref.column of the ledger. 
E) placing the balance of the account in either the debit or credit column in the ledger.

Question 7

Bright Services pays wages of a part-time employee. The transaction would involve a

Accepted Answer

A) debit to Wages Expense. 
B) debit to Cash. 
C) credit to Wages Payable. 
D) credit to Prepaid Expenses. 
A) debit to Wages Expense. 
B) debit to Cash. 
C) credit to Wages Payable. 
D) credit to Prepaid Expenses.

Question 8

The ledger of Alex Advertising and Publicity contained the following account balances as of October 31:
   Instructions:
Prepare a trial balance dated October 31 of the present year.

Accepted Answer

The answer of The ledger of Alex Advertising and Publicity...

Question 9

Which of the following is true?

Accepted Answer

A) The ledger account form maintains a running balance of the account. 
B) When recording business transactions, it is not important that one use the exact account titles as listed in the chart of accounts. 
C) The process of transferring information from the journal to the ledger is called journalizing. 
D) All of the answers listed are correct. 
A) The ledger account form maintains a running balance of the account. 
B) When recording business transactions, it is not important that one use the exact account titles as listed in the chart of accounts. 
C) The process of transferring information from the journal to the ledger is called journalizing. 
D) All of the answers listed are correct.

Question 10

To keep the fundamental accounting equation in balance, debits and credits must be in balance and equal amounts must be on each side of the equation.

Accepted Answer

A) True 
 B)False

Question 11

In the general journal, all liability accounts and owner's equity accounts must be indented.

Accepted Answer

A) True 
 B)False

Question 12

Match the terms below with the correct definitions.
  
-Business papers supporting transactions

Accepted Answer

The answer of Match the terms below with the correct...

Question 13

Juan Company purchased $15,000 in equipment on account. The transaction would involve a

Accepted Answer

A) credit to Cash. 
B) debit to Accounts Payable. 
C) debit to Equipment Expense. 
D) credit to Accounts Payable. 
A) credit to Cash. 
B) debit to Accounts Payable. 
C) debit to Equipment Expense. 
D) credit to Accounts Payable.

Question 14

The official list of all the accounts is called the chart of accounts.

Accepted Answer

A) True 
 B)False

Question 15

There are two methods for correcting errors, the

Accepted Answer

A) ruling method and the manual method. 
B) manual method and the correcting entry method. 
C) ruling method and the correcting entry method. 
D) the ruling method and the deletion method. 
A) ruling method and the manual method. 
B) manual method and the correcting entry method. 
C) ruling method and the correcting entry method. 
D) the ruling method and the deletion method.

Question 16

A $500 payment for Wages Expense was incorrectly journalized and posted as a debit to Rent Expense for $500 and a credit to Cash for $500. The correcting entry, using the one-step method, would include a

Accepted Answer

A) debit to Cash for $500. 
B) credit to Rent Expense for $500. 
C) credit to Supplies Expense for $500. 
D) credit to Cash for $500. 
A) debit to Cash for $500. 
B) credit to Rent Expense for $500. 
C) credit to Supplies Expense for $500. 
D) credit to Cash for $500.

Question 17

R. Dexter withdraws cash for personal use from the business. The transaction would involve a

Accepted Answer

A) debit to Wages Expense. 
B) debit to Cash. 
C) credit to R.Dexter, Drawing. 
D) debit to R.Dexter, Drawing. 
A) debit to Wages Expense. 
B) debit to Cash. 
C) credit to R.Dexter, Drawing. 
D) debit to R.Dexter, Drawing.

Question 18

In a manual system, it is not proper to split a journal entry at the bottom of a page.

Accepted Answer

A) True 
 B)False

Question 19

Use the manual ruling method when amounts have been posted to the wrong account.

Accepted Answer

A) True 
 B)False

Question 20

The process of subtotaling both sides of an account and recording the amount on that side is known as

Accepted Answer

A) footing. 
B) taking a trial balance. 
C) posting. 
D) balancing the accounts. 
E) journalizing. 
A) footing. 
B) taking a trial balance. 
C) posting. 
D) balancing the accounts. 
E) journalizing.

Match the terms below with the correct definitions. -Process of transferring accounts and amounts from journal to ledger

What determines the method you would use to correct an error in the accounting records?

Shower Flower Company bought equipment, paying cash, $2,500. The accountant would record the following journal entry:

Which of the following is correct?

A book of original entry is known as a

When an entry is posted, the last step in the process is

Bright Services pays wages of a part-time employee. The transaction would involve a

The ledger of Alex Advertising and Publicity contained the following account balances as of October 31: Instructions: Prepare a trial balance dated October 31 of the present year.

Which of the following is true?

To keep the fundamental accounting equation in balance, debits and credits must be in balance and equal amounts must be on each side of the equation.

In the general journal, all liability accounts and owner's equity accounts must be indented.

Match the terms below with the correct definitions. -Business papers supporting transactions

Juan Company purchased $15,000 in equipment on account. The transaction would involve a

The official list of all the accounts is called the chart of accounts.

There are two methods for correcting errors, the

A $500 payment for Wages Expense was incorrectly journalized and posted as a debit to Rent Expense for $500 and a credit to Cash for $500. The correcting entry, using the one-step method, would include a

R. Dexter withdraws cash for personal use from the business. The transaction would involve a

In a manual system, it is not proper to split a journal entry at the bottom of a page.

Use the manual ruling method when amounts have been posted to the wrong account.

The process of subtotaling both sides of an account and recording the amount on that side is known as

Asset, Liability, Owners Equity, Revenue, and Expense Accounts

T Accounts, Debits and Credits, Trial Balance, and Financial Statements

Adjusting Entries and the Work Sheet

Closing Entries and the Post-Closing Trial Balance Including Appendix

Bank Accounts and Cash Funds

Employee Earnings and Deductions

Employer Taxes, Payments, and Reports

Sales and Purchases

Cash Receipts and Cash Payments

Work Sheet and Adjusting Entries

Financial Statements, Closing Entries, and Reversing Entries

Filters

Exam 3: The General Journal and the General Ledger

Match the terms below with the correct definitions. -Process of transferring accounts and amounts from journal to ledger

What determines the method you would use to correct an error in the accounting records?

Shower Flower Company bought equipment, paying cash, $2,500. The accountant would record the following journal entry:

Which of the following is correct?

A book of original entry is known as a

When an entry is posted, the last step in the process is

Bright Services pays wages of a part-time employee. The transaction would involve a

The ledger of Alex Advertising and Publicity contained the following account balances as of October 31: Instructions: Prepare a trial balance dated October 31 of the present year.

Which of the following is true?

To keep the fundamental accounting equation in balance, debits and credits must be in balance and equal amounts must be on each side of the equation.

In the general journal, all liability accounts and owner's equity accounts must be indented.

Match the terms below with the correct definitions. -Business papers supporting transactions

Juan Company purchased $15,000 in equipment on account. The transaction would involve a

The official list of all the accounts is called the chart of accounts.

There are two methods for correcting errors, the

A $500 payment for Wages Expense was incorrectly journalized and posted as a debit to Rent Expense for $500 and a credit to Cash for $500. The correcting entry, using the one-step method, would include a

R. Dexter withdraws cash for personal use from the business. The transaction would involve a

In a manual system, it is not proper to split a journal entry at the bottom of a page.

Use the manual ruling method when amounts have been posted to the wrong account.

The process of subtotaling both sides of an account and recording the amount on that side is known as

Asset, Liability, Owners Equity, Revenue, and Expense Accounts

T Accounts, Debits and Credits, Trial Balance, and Financial Statements

Adjusting Entries and the Work Sheet

Closing Entries and the Post-Closing Trial Balance Including Appendix

Bank Accounts and Cash Funds

Employee Earnings and Deductions

Employer Taxes, Payments, and Reports

Sales and Purchases

Cash Receipts and Cash Payments

Work Sheet and Adjusting Entries

Financial Statements, Closing Entries, and Reversing Entries

Filters