Question 1

Which of the following is false about a journal?

Accepted Answer

A)  It discloses in one place the complete effects of a transaction. 
B)  It provides a chronological record of transactions. 
C)  It helps to prevent or locate errors because debit and credit amounts for each entry can be readily compared. 
D)  It keeps in one place all the information about changes in specific account balances. 
A)  It discloses in one place the complete effects of a transaction. 
B)  It provides a chronological record of transactions. 
C)  It helps to prevent or locate errors because debit and credit amounts for each entry can be readily compared. 
D)  It keeps in one place all the information about changes in specific account balances.

Question 2

The number and types of accounts used by different business enterprises are the same if generally accepted accounting principles are being followed by the enterprises.

Accepted Answer

A) True 
 B)False

Question 3

The chart of accounts is a

Accepted Answer

A)  list of accounts and their balances at a given time. 
B)  device used to prove the mathematical accuracy of the ledger. 
C)  listing of the accounts and the account numbers which identify their location in the ledger. 
D)  required step in the recording process. 
A)  list of accounts and their balances at a given time. 
B)  device used to prove the mathematical accuracy of the ledger. 
C)  listing of the accounts and the account numbers which identify their location in the ledger. 
D)  required step in the recording process.

Which of the following is false about a journal?

The number and types of accounts used by different business enterprises are the same if generally accepted accounting principles are being followed by the enterprises.

The chart of accounts is a

Accounting in Action

Adjusting the Accounts

Completing the Accounting Cycle

Accounting for Merchandising Operations

Inventories

Fraud, Internal Control, and Cash

Accounting for Receivables

Plant Assets, Natural Resources, and Intangible Assets

Liabilities

Corporations: Organization, Share Transactions, Dividends, and Retained Earnings

Investments

Statement of Cash Flows

Financial Statement Analysis

Accounting and Financial Reporting for Contingent Liabilities and Leases

Filters

Exam 2: The Recording Process

Which of the following is false about a journal?

The number and types of accounts used by different business enterprises are the same if generally accepted accounting principles are being followed by the enterprises.

The chart of accounts is a

Accounting in Action

Adjusting the Accounts

Completing the Accounting Cycle

Accounting for Merchandising Operations

Inventories

Fraud, Internal Control, and Cash

Accounting for Receivables

Plant Assets, Natural Resources, and Intangible Assets

Liabilities

Corporations: Organization, Share Transactions, Dividends, and Retained Earnings

Investments

Statement of Cash Flows

Financial Statement Analysis

Accounting and Financial Reporting for Contingent Liabilities and Leases

Filters