Question 1

Once the total of a special column has been posted, what is written under the total of the column in the journal?

Accepted Answer

A)  a check mark 
B)  the account number 
C)  the abbreviation "CJ" 
D)  the date 
A)  a check mark 
B)  the account number 
C)  the abbreviation "CJ" 
D)  the date B

Question 2

A cash balance may be computed

Accepted Answer

A)  daily. 
B)  weekly. 
C)  at the end of the accounting period. 
D)  whenever desired. 
A)  daily. 
B)  weekly. 
C)  at the end of the accounting period. 
D)  whenever desired. D

Question 3

Adjusting and closing entries are made differently in the combination journal and in the general journal.

Accepted Answer

A) True 
 B)False  False

Question 4

The debits and credits to Cash in the combination journal are posted

Accepted Answer

A)  daily. 
B)  weekly. 
C)  at the end of the accounting period. 
D)  after each transaction. 
A)  daily. 
B)  weekly. 
C)  at the end of the accounting period. 
D)  after each transaction.

Question 5

Match the terms with the definitions.
-The column in the combination journal used to debit accounts that are used infrequently.

Accepted Answer

A) accrual basis of accounting 
B) combination journal 
C) Description column 
D) General Credit column 
E) General Debit column
F)modified cash basis
G)Posting Reference column
H)special columns 
A) accrual basis of accounting 
B) combination journal 
C) Description column 
D) General Credit column 
E) General Debit column
F)modified cash basis
G)Posting Reference column
H)special columns

Question 6

To record wages earned but not paid under the modified cash accounting method,

Accepted Answer

A)  debit Wages Payable and credit Wages Expense. 
B)  debit Cash and credit Wages Expense. 
C)  debit Wages Expense and credit Wages Payable. 
D)  no entry is required. 
A)  debit Wages Payable and credit Wages Expense. 
B)  debit Cash and credit Wages Expense. 
C)  debit Wages Expense and credit Wages Payable. 
D)  no entry is required.

Question 7

A type of business in which the principal source of revenue is compensation for services rendered to a business firm or to a person is a

Accepted Answer

A)  mercantile enterprise. 
B)  manufacturing enterprise. 
C)  professional service enterprise. 
D)  retail enterprise. 
A)  mercantile enterprise. 
B)  manufacturing enterprise. 
C)  professional service enterprise. 
D)  retail enterprise.

Question 8

Professional service enterprises include real estate, insurance, advertising, transportation, and various other firms.

Accepted Answer

A) True 
 B)False

Question 9

When an individual entry is posted from the combination journal to a ledger account, what information is entered in the "Post. Ref." column of the ledger account?

Accepted Answer

A)  the letters "CJ" 
B)  the letters "CJ" and the page number 
C)  the letters "CJ" and the invoice number 
D)  the letters "CJ" and the year 
A)  the letters "CJ" 
B)  the letters "CJ" and the page number 
C)  the letters "CJ" and the invoice number 
D)  the letters "CJ" and the year

Question 10

When an individual entry is posted from the combination journal to a ledger account, what information is entered in the "Post. Ref." column of the combination journal?

Accepted Answer

A)  the letters "CJ" 
B)  the letters "CJ" and the page number 
C)  the letters "CJ" and the invoice number 
D)  the account number 
A)  the letters "CJ" 
B)  the letters "CJ" and the page number 
C)  the letters "CJ" and the invoice number 
D)  the account number

Question 11

Match the terms with the definitions.
-Columns in journals for frequently used accounts.

Accepted Answer

A) accrual basis of accounting 
B) combination journal 
C) Description column 
D) General Credit column 
E) General Debit column
F)modified cash basis
G)Posting Reference column
H)special columns 
A) accrual basis of accounting 
B) combination journal 
C) Description column 
D) General Credit column 
E) General Debit column
F)modified cash basis
G)Posting Reference column
H)special columns

Question 12

End-of-period activities include all of the following EXCEPT

Accepted Answer

A)  adjusting entries. 
B)  closing entries. 
C)  a work sheet. 
D)  appointment records. 
A)  adjusting entries. 
B)  closing entries. 
C)  a work sheet. 
D)  appointment records.

Question 13

Individual entries are posted from which of the following columns in the combination journal to the proper general ledger account?

Accepted Answer

A)  Post. Ref. column 
B)  Date column 
C)  Cash Credit column 
D)  General Debit column 
A)  Post. Ref. column 
B)  Date column 
C)  Cash Credit column 
D)  General Debit column

Question 14

Match the terms with the definitions.
-A method of accounting that combines aspects of the cash and accrual methods. It uses the cash basis for recording revenues and most expenses. Exceptions are made when cash is paid for assets with useful lives greater than one accounting period.

Accepted Answer

A) accrual basis of accounting 
B) combination journal 
C) Description column 
D) General Credit column 
E) General Debit column
F)modified cash basis
G)Posting Reference column
H)special columns 
A) accrual basis of accounting 
B) combination journal 
C) Description column 
D) General Credit column 
E) General Debit column
F)modified cash basis
G)Posting Reference column
H)special columns

Question 15

Each entry is posted individually from the Cash Credit column of the combination journal to the proper general ledger account.

Accepted Answer

A) True 
 B)False

Question 16

Amounts in the special columns of the combination journal are posted individually.

Accepted Answer

A) True 
 B)False

Question 17

Posting from the combination journal to the general ledger must be done at the end of the month only.

Accepted Answer

A) True 
 B)False

Question 18

The debits and credits to Cash are not posted until the end of the accounting period.

Accepted Answer

A) True 
 B)False

Question 19

The cash balance may be computed at any time during the accounting period.

Accepted Answer

A) True 
 B)False

Question 20

Which of the following amounts should NOT be posted to any ledger account?

Accepted Answer

A)  the total of the Cash Credit column 
B)  the total of the Professional Fees column 
C)  the total of the Supplies Expense column 
D)  the total of the General Debit and Credit column 
A)  the total of the Cash Credit column 
B)  the total of the Professional Fees column 
C)  the total of the Supplies Expense column 
D)  the total of the General Debit and Credit column

Once the total of a special column has been posted, what is written under the total of the column in the journal?

A cash balance may be computed

Adjusting and closing entries are made differently in the combination journal and in the general journal.

The debits and credits to Cash in the combination journal are posted

Match the terms with the definitions. -The column in the combination journal used to debit accounts that are used infrequently.

To record wages earned but not paid under the modified cash accounting method,

A type of business in which the principal source of revenue is compensation for services rendered to a business firm or to a person is a

Professional service enterprises include real estate, insurance, advertising, transportation, and various other firms.

When an individual entry is posted from the combination journal to a ledger account, what information is entered in the "Post. Ref." column of the ledger account?

When an individual entry is posted from the combination journal to a ledger account, what information is entered in the "Post. Ref." column of the combination journal?

Match the terms with the definitions. -Columns in journals for frequently used accounts.

End-of-period activities include all of the following EXCEPT

Individual entries are posted from which of the following columns in the combination journal to the proper general ledger account?

Match the terms with the definitions. -A method of accounting that combines aspects of the cash and accrual methods. It uses the cash basis for recording revenues and most expenses. Exceptions are made when cash is paid for assets with useful lives greater than one accounting period.

Each entry is posted individually from the Cash Credit column of the combination journal to the proper general ledger account.

Amounts in the special columns of the combination journal are posted individually.

Posting from the combination journal to the general ledger must be done at the end of the month only.

The debits and credits to Cash are not posted until the end of the accounting period.

The cash balance may be computed at any time during the accounting period.

Which of the following amounts should NOT be posted to any ledger account?

Introduction to Accounting

Analyzing Transactions: the Accounting Equation

The Double-Entry Framework

Journalizing and Posting Transactions

Adjusting Entries and the Work Sheet

Financial Statements and the Closing Process

Accounting for Cash

Payroll Accounting: Employer Taxes and Reports

Accounting for Sales and Cash Receipts

Accounting for Purchases and Cash Payments

Special Journals

Accounting for Merchandise Inventory

Adjustments and the Work Sheet for a Merchandising Business

Financial Statements and Year-End Accounting for a Merchandising Business

Filters

Exam 16: Accounting for a Professional Service Business: The Combination Journal

Once the total of a special column has been posted, what is written under the total of the column in the journal?

A cash balance may be computed

Adjusting and closing entries are made differently in the combination journal and in the general journal.

The debits and credits to Cash in the combination journal are posted

Match the terms with the definitions. -The column in the combination journal used to debit accounts that are used infrequently.

To record wages earned but not paid under the modified cash accounting method,

A type of business in which the principal source of revenue is compensation for services rendered to a business firm or to a person is a

Professional service enterprises include real estate, insurance, advertising, transportation, and various other firms.

When an individual entry is posted from the combination journal to a ledger account, what information is entered in the "Post. Ref." column of the ledger account?

When an individual entry is posted from the combination journal to a ledger account, what information is entered in the "Post. Ref." column of the combination journal?

Match the terms with the definitions. -Columns in journals for frequently used accounts.

End-of-period activities include all of the following EXCEPT

Individual entries are posted from which of the following columns in the combination journal to the proper general ledger account?

Match the terms with the definitions. -A method of accounting that combines aspects of the cash and accrual methods. It uses the cash basis for recording revenues and most expenses. Exceptions are made when cash is paid for assets with useful lives greater than one accounting period.

Each entry is posted individually from the Cash Credit column of the combination journal to the proper general ledger account.

Amounts in the special columns of the combination journal are posted individually.

Posting from the combination journal to the general ledger must be done at the end of the month only.

The debits and credits to Cash are not posted until the end of the accounting period.

The cash balance may be computed at any time during the accounting period.

Which of the following amounts should NOT be posted to any ledger account?

Introduction to Accounting

Analyzing Transactions: the Accounting Equation

The Double-Entry Framework

Journalizing and Posting Transactions

Adjusting Entries and the Work Sheet

Financial Statements and the Closing Process

Accounting for Cash

Payroll Accounting: Employer Taxes and Reports

Accounting for Sales and Cash Receipts

Accounting for Purchases and Cash Payments

Special Journals

Accounting for Merchandise Inventory

Adjustments and the Work Sheet for a Merchandising Business

Financial Statements and Year-End Accounting for a Merchandising Business

Filters