Question 1

Every entry in the journal should include all of the following EXCEPT

Accepted Answer

A)  the title of each account affected. 
B)  the amounts. 
C)  a brief description. 
D)  the balance of the accounts affected. 
A)  the title of each account affected. 
B)  the amounts. 
C)  a brief description. 
D)  the balance of the accounts affected. D

Question 2

Corrections in accounts should NOT be

Accepted Answer

A)  traceable. 
B)  initialed. 
C)  ruled. 
D)  covered completely. 
A)  traceable. 
B)  initialed. 
C)  ruled. 
D)  covered completely. D

Question 3

The month in the journal is recorded

Accepted Answer

A)  with every transaction. 
B)  as the first entry on a page. 
C)  for the first and last transaction of the month. 
D)  for the last transaction of the month. 
A)  with every transaction. 
B)  as the first entry on a page. 
C)  for the first and last transaction of the month. 
D)  for the last transaction of the month. B

Question 4

Match the terms with the definitions.
-An entry requiring more than one debit and/or one credit.

Accepted Answer

A) book of original entry 
B) chart of accounts 
C) compound entry 
D) correcting entry 
E) cross-reference
F)four-column account
G)general ledger
H)journal
I)journalizing
J)posting
K)ruling method
L)slide error
M)source document
N)transposition error
O)trial balance 
A) book of original entry 
B) chart of accounts 
C) compound entry 
D) correcting entry 
E) cross-reference
F)four-column account
G)general ledger
H)journal
I)journalizing
J)posting
K)ruling method
L)slide error
M)source document
N)transposition error
O)trial balance

Question 5

The purpose of a trial balance is to prove that the totals of the debit and credit balances in the ledger accounts are equal.

Accepted Answer

A) True 
 B)False

Question 6

All transactions must be posted before preparing a trial balance.

Accepted Answer

A) True 
 B)False

Question 7

Match the terms with the definitions.
-Almost any document that provides information about a business transaction.

Accepted Answer

A) book of original entry 
B) chart of accounts 
C) compound entry 
D) correcting entry 
E) cross-reference
F)four-column account
G)general ledger
H)journal
I)journalizing
J)posting
K)ruling method
L)slide error
M)source document
N)transposition error
O)trial balance 
A) book of original entry 
B) chart of accounts 
C) compound entry 
D) correcting entry 
E) cross-reference
F)four-column account
G)general ledger
H)journal
I)journalizing
J)posting
K)ruling method
L)slide error
M)source document
N)transposition error
O)trial balance

Question 8

The main advantage of a two-column account is that it maintains a running balance.

Accepted Answer

A) True 
 B)False

Question 9

The chart of accounts includes assets, liabilities, and owner's equity accounts only.

Accepted Answer

A) True 
 B)False

Question 10

No entries are made in the Posting Reference column in a two-column journal when journalizing.

Accepted Answer

A) True 
 B)False

Question 11

The payment of a telephone bill for the month would include

Accepted Answer

A)  debiting Capital and crediting Accounts Payable. 
B)  debiting Cash and crediting Telephone Expense. 
C)  debiting Telephone Expense and crediting Accounts Payable. 
D)  debiting Telephone Expense and crediting Cash. 
A)  debiting Capital and crediting Accounts Payable. 
B)  debiting Cash and crediting Telephone Expense. 
C)  debiting Telephone Expense and crediting Accounts Payable. 
D)  debiting Telephone Expense and crediting Cash.

Question 12

Match the terms with the definitions.
-Occurs when two digits are reversed.

Accepted Answer

A) book of original entry 
B) chart of accounts 
C) compound entry 
D) correcting entry 
E) cross-reference
F)four-column account
G)general ledger
H)journal
I)journalizing
J)posting
K)ruling method
L)slide error
M)source document
N)transposition error
O)trial balance 
A) book of original entry 
B) chart of accounts 
C) compound entry 
D) correcting entry 
E) cross-reference
F)four-column account
G)general ledger
H)journal
I)journalizing
J)posting
K)ruling method
L)slide error
M)source document
N)transposition error
O)trial balance

Question 13

When entering titles of accounts in the two-column journal, the account to be credited is entered first and the account to be debited is entered second.

Accepted Answer

A) True 
 B)False

Question 14

Match the terms with the definitions.
-A day-by-day listing of the transactions of a business.

Accepted Answer

A) book of original entry 
B) chart of accounts 
C) compound entry 
D) correcting entry 
E) cross-reference
F)four-column account
G)general ledger
H)journal
I)journalizing
J)posting
K)ruling method
L)slide error
M)source document
N)transposition error
O)trial balance 
A) book of original entry 
B) chart of accounts 
C) compound entry 
D) correcting entry 
E) cross-reference
F)four-column account
G)general ledger
H)journal
I)journalizing
J)posting
K)ruling method
L)slide error
M)source document
N)transposition error
O)trial balance

Question 15

Entering the account number in the Posting Reference column of the journal is the first step in the posting process.

Accepted Answer

A) True 
 B)False

Question 16

Match the terms with the definitions.
-Used to prove the equality of the debits and credits in the ledger accounts.

Accepted Answer

A) book of original entry 
B) chart of accounts 
C) compound entry 
D) correcting entry 
E) cross-reference
F)four-column account
G)general ledger
H)journal
I)journalizing
J)posting
K)ruling method
L)slide error
M)source document
N)transposition error
O)trial balance 
A) book of original entry 
B) chart of accounts 
C) compound entry 
D) correcting entry 
E) cross-reference
F)four-column account
G)general ledger
H)journal
I)journalizing
J)posting
K)ruling method
L)slide error
M)source document
N)transposition error
O)trial balance

Question 17

The journal provides the information needed to transfer the debits and credits to the accounts in the ledger.

Accepted Answer

A) True 
 B)False

Question 18

Contains columns for the debit or credit transactions and columns for the debit or credit running balance. In addition, there are columns for the date, description of the item, and posting reference.

Accepted Answer

A) True 
 B)False

Question 19

The general ledger is kept to supply management with desired information in summary form.

Accepted Answer

A) True 
 B)False

Question 20

Purchase invoices received from suppliers provide information about

Accepted Answer

A)  cash receipts. 
B)  sales of goods. 
C)  purchases of goods or services. 
D)  cash payments. 
A)  cash receipts. 
B)  sales of goods. 
C)  purchases of goods or services. 
D)  cash payments.

Every entry in the journal should include all of the following EXCEPT

Corrections in accounts should NOT be

The month in the journal is recorded

Match the terms with the definitions. -An entry requiring more than one debit and/or one credit.

The purpose of a trial balance is to prove that the totals of the debit and credit balances in the ledger accounts are equal.

All transactions must be posted before preparing a trial balance.

Match the terms with the definitions. -Almost any document that provides information about a business transaction.

The main advantage of a two-column account is that it maintains a running balance.

The chart of accounts includes assets, liabilities, and owner's equity accounts only.

No entries are made in the Posting Reference column in a two-column journal when journalizing.

The payment of a telephone bill for the month would include

Match the terms with the definitions. -Occurs when two digits are reversed.

When entering titles of accounts in the two-column journal, the account to be credited is entered first and the account to be debited is entered second.

Match the terms with the definitions. -A day-by-day listing of the transactions of a business.

Entering the account number in the Posting Reference column of the journal is the first step in the posting process.

Match the terms with the definitions. -Used to prove the equality of the debits and credits in the ledger accounts.

The journal provides the information needed to transfer the debits and credits to the accounts in the ledger.

Contains columns for the debit or credit transactions and columns for the debit or credit running balance. In addition, there are columns for the date, description of the item, and posting reference.

The general ledger is kept to supply management with desired information in summary form.

Purchase invoices received from suppliers provide information about

Introduction to Accounting

Analyzing Transactions: the Accounting Equation

The Double-Entry Framework

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

Accounting for a Professional Service Business: The Combination Journal

Filters

Exam 4: Journalizing and Posting Transactions

Every entry in the journal should include all of the following EXCEPT

Corrections in accounts should NOT be

The month in the journal is recorded

Match the terms with the definitions. -An entry requiring more than one debit and/or one credit.

The purpose of a trial balance is to prove that the totals of the debit and credit balances in the ledger accounts are equal.

All transactions must be posted before preparing a trial balance.

Match the terms with the definitions. -Almost any document that provides information about a business transaction.

The main advantage of a two-column account is that it maintains a running balance.

The chart of accounts includes assets, liabilities, and owner's equity accounts only.

No entries are made in the Posting Reference column in a two-column journal when journalizing.

The payment of a telephone bill for the month would include

Match the terms with the definitions. -Occurs when two digits are reversed.

When entering titles of accounts in the two-column journal, the account to be credited is entered first and the account to be debited is entered second.

Match the terms with the definitions. -A day-by-day listing of the transactions of a business.

Entering the account number in the Posting Reference column of the journal is the first step in the posting process.

Match the terms with the definitions. -Used to prove the equality of the debits and credits in the ledger accounts.

The journal provides the information needed to transfer the debits and credits to the accounts in the ledger.

Contains columns for the debit or credit transactions and columns for the debit or credit running balance. In addition, there are columns for the date, description of the item, and posting reference.

The general ledger is kept to supply management with desired information in summary form.

Purchase invoices received from suppliers provide information about

Introduction to Accounting

Analyzing Transactions: the Accounting Equation

The Double-Entry Framework

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

Accounting for a Professional Service Business: The Combination Journal

Filters