Question 1

Which of the following is correct concerning correcting errors on the computer?

Accepted Answer

A) It is ok to delete an error entry on the computer. 
B) If using a computer program, there will never be any errors to correct because the computer never allows errors to be recorded. 
C) A correcting entry should be made with a brief explanation when correcting an error on the computer. 
D) All of the answers listed are correct. 
A) It is ok to delete an error entry on the computer. 
B) If using a computer program, there will never be any errors to correct because the computer never allows errors to be recorded. 
C) A correcting entry should be made with a brief explanation when correcting an error on the computer. 
D) All of the answers listed are correct.

Question 2

E. Elijah, owner, withdrew $3,000 for personal use. The accountant would record the following journal entry:

Accepted Answer

The answer of E. Elijah, owner, withdrew $3,000 for personal...

Question 3

List and explain the two methods for correcting errors in accounting records.

Accepted Answer

The ruling method is used to correct an

Question 4

Patrick Services paid the office rent for the current month. The transaction would involve a

Accepted Answer

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

Question 5

The first step in the posting process is to write the amount of the transaction in the ledger account.

Accepted Answer

A) True 
 B)False

Question 6

When preparing the trial balance, record the balances of the accounts in the order in which they appear in the general ledger.

Accepted Answer

A) True 
 B)False

Question 7

One type of ledger account form has a two-balance-column arrangement.

Accepted Answer

A) True 
 B)False

Question 8

The general ledger is a collection of all the accounts.

Accepted Answer

A) True 
 B)False

Question 9

W. Randall deposited $12,000 in the bank in the name of the business. The transaction would involve a

Accepted Answer

A) credit to Cash. 
B) debit to W.Randall, Drawing. 
C) credit to W.Randall, Capital. 
D) debit to W.Randall, Capital. 
A) credit to Cash. 
B) debit to W.Randall, Drawing. 
C) credit to W.Randall, Capital. 
D) debit to W.Randall, Capital.

Question 10

A $4,500 payment for Rent Expense was incorrectly journalized and posted as a debit to Rent Expense for $5,400 and a credit to Cash for $5,400. The correcting entry, using the one-step method, would include a

Accepted Answer

A) debit to Cash for $900. 
B) credit to Rent Expense for $4,500. 
C) credit to Rent Expense for $5,400. 
D) credit to Cash for $90. 
A) debit to Cash for $900. 
B) credit to Rent Expense for $4,500. 
C) credit to Rent Expense for $5,400. 
D) credit to Cash for $90.

Question 11

Failure to post an entire transaction will not be reflected in the trial balance.

Accepted Answer

A) True 
 B)False

Question 12

When a month's transactions have been posted, the Accounts Payable account will only have debit entries.

Accepted Answer

A) True 
 B)False

Question 13

What is the effect of the following error? $360 was received on account from customer. The accountant debited cash for $360 and credited Professional Fees for $360.

Accepted Answer

A) Revenue was understated. 
B) Cash was understated. 
C) Revenue was overstated. 
D) Cash was overstated. 
E) Total assets were understated. 
A) Revenue was understated. 
B) Cash was understated. 
C) Revenue was overstated. 
D) Cash was overstated. 
E) Total assets were understated.

Question 14

The general ledger shows a complete record of the transactions recorded in each individual account.

Accepted Answer

A) True 
 B)False

Question 15

Match the terms below with the correct definitions.
  
-Official list of all ledger accounts

Accepted Answer

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

Question 16

The ____________ is a book or file containing the activity by accounts of a business.

Accepted Answer

A) general ledger 
B) journal 
C) trial balance 
D) income statement 
A) general ledger 
B) journal 
C) trial balance 
D) income statement

Question 17

Posting an entire transaction twice will cause the trial balance totals to be unequal.

Accepted Answer

A) True 
 B)False

Question 18

The Item column in the ledger is mostly used at the end of a financial period to make brief notations about end-of-period entries.

Accepted Answer

A) True 
 B)False

Question 19

Which of the following is correct concerning recording journal entries?

Accepted Answer

A) The credit part of the entry is recorded first. 
B) The credit account is always indented underneath the debit entry. 
C) The debit part of the entry is recorded last. 
D) Dollar signs are always recorded in the journal. 
A) The credit part of the entry is recorded first. 
B) The credit account is always indented underneath the debit entry. 
C) The debit part of the entry is recorded last. 
D) Dollar signs are always recorded in the journal.

Question 20

Match the terms below with the correct definitions.
  
-Complete record of transactions recorded in each individual account

Accepted Answer

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

Which of the following is correct concerning correcting errors on the computer?

E. Elijah, owner, withdrew $3,000 for personal use. The accountant would record the following journal entry:

List and explain the two methods for correcting errors in accounting records.

Patrick Services paid the office rent for the current month. The transaction would involve a

The first step in the posting process is to write the amount of the transaction in the ledger account.

When preparing the trial balance, record the balances of the accounts in the order in which they appear in the general ledger.

One type of ledger account form has a two-balance-column arrangement.

The general ledger is a collection of all the accounts.

W. Randall deposited $12,000 in the bank in the name of the business. The transaction would involve a

A $4,500 payment for Rent Expense was incorrectly journalized and posted as a debit to Rent Expense for $5,400 and a credit to Cash for $5,400. The correcting entry, using the one-step method, would include a

Failure to post an entire transaction will not be reflected in the trial balance.

When a month's transactions have been posted, the Accounts Payable account will only have debit entries.

What is the effect of the following error? $360 was received on account from customer. The accountant debited cash for $360 and credited Professional Fees for $360.

The general ledger shows a complete record of the transactions recorded in each individual account.

Match the terms below with the correct definitions. -Official list of all ledger accounts

The ____________ is a book or file containing the activity by accounts of a business.

Posting an entire transaction twice will cause the trial balance totals to be unequal.

The Item column in the ledger is mostly used at the end of a financial period to make brief notations about end-of-period entries.

Which of the following is correct concerning recording journal entries?

Match the terms below with the correct definitions. -Complete record of transactions recorded in each individual account

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

Which of the following is correct concerning correcting errors on the computer?

E. Elijah, owner, withdrew $3,000 for personal use. The accountant would record the following journal entry:

List and explain the two methods for correcting errors in accounting records.

Patrick Services paid the office rent for the current month. The transaction would involve a

The first step in the posting process is to write the amount of the transaction in the ledger account.

When preparing the trial balance, record the balances of the accounts in the order in which they appear in the general ledger.

One type of ledger account form has a two-balance-column arrangement.

The general ledger is a collection of all the accounts.

W. Randall deposited $12,000 in the bank in the name of the business. The transaction would involve a

A $4,500 payment for Rent Expense was incorrectly journalized and posted as a debit to Rent Expense for $5,400 and a credit to Cash for $5,400. The correcting entry, using the one-step method, would include a

Failure to post an entire transaction will not be reflected in the trial balance.

When a month's transactions have been posted, the Accounts Payable account will only have debit entries.

What is the effect of the following error? $360 was received on account from customer. The accountant debited cash for $360 and credited Professional Fees for $360.

The general ledger shows a complete record of the transactions recorded in each individual account.

Match the terms below with the correct definitions. -Official list of all ledger accounts

The ____________ is a book or file containing the activity by accounts of a business.

Posting an entire transaction twice will cause the trial balance totals to be unequal.

The Item column in the ledger is mostly used at the end of a financial period to make brief notations about end-of-period entries.

Which of the following is correct concerning recording journal entries?

Match the terms below with the correct definitions. -Complete record of transactions recorded in each individual account

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