Question 1

Firms are more likely to use a four-column journal account than T accounts.

Accepted Answer

A) True 
 B)False

Question 2

Cash is used to pay for a car for personal use by the owner. The transaction includes

Accepted Answer

A)  debiting Cash and crediting Drawing. 
B)  debiting Drawing and crediting Cash. 
C)  debiting Capital and crediting Cash. 
D)  debiting Car Expense and crediting Cash. 
A)  debiting Cash and crediting Drawing. 
B)  debiting Drawing and crediting Cash. 
C)  debiting Capital and crediting Cash. 
D)  debiting Car Expense and crediting Cash.

Question 3

The posting reference, amount, and description are the three items of information about each transaction that should be entered in the ledger accounts.

Accepted Answer

A) True 
 B)False

Question 4

Entering transactions in a journal is called posting.

Accepted Answer

A) True 
 B)False

Question 5

The chart of accounts includes the account titles in numerical order.

Accepted Answer

A) True 
 B)False

Question 6

A chart of accounts does NOT include

Accepted Answer

A)  assets. 
B)  liabilities. 
C)  owner's equity. 
D)  names of customers. 
A)  assets. 
B)  liabilities. 
C)  owner's equity. 
D)  names of customers.

Question 7

Information about cash receipts can be obtained from check stubs and carbon copies of checks.

Accepted Answer

A) True 
 B)False

Question 8

To make the posting process easier, posting reference entries are made at the same time that transactions are entered in the two-column journal.

Accepted Answer

A) True 
 B)False

Question 9

Match the terms with the definitions.
-Another name for a journal because it is here that the first formal accounting record of a transaction is made.

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 10

Match the terms with the definitions.
-The link provided by the information in the Posting Reference columns of the journal and ledger.

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 11

Forms and papers that provide information about a business transaction are called

Accepted Answer

A)  ledgers. 
B)  accounts. 
C)  source documents. 
D)  journals. 
A)  ledgers. 
B)  accounts. 
C)  source documents. 
D)  journals.

Question 12

Copies of sales tickets or sales invoices issued to customers or clients provide information about

Accepted Answer

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

Question 13

Corrections in accounts should be made by

Accepted Answer

A)  correction fluid. 
B)  neat erasure. 
C)  the ruling method. 
D)  a permanent marker. 
A)  correction fluid. 
B)  neat erasure. 
C)  the ruling method. 
D)  a permanent marker.

Question 14

Because the first formal accounting record of a transaction is made in a journal from source document information, a journal is commonly referred to as a(n)

Accepted Answer

A)  ledger. 
B)  account. 
C)  cross-reference. 
D)  book of original entry. 
A)  ledger. 
B)  account. 
C)  cross-reference. 
D)  book of original entry.

Question 15

The simplest form of journal is one with

Accepted Answer

A)  four columns. 
B)  three columns. 
C)  two columns. 
D)  one column. 
A)  four columns. 
B)  three columns. 
C)  two columns. 
D)  one column.

Question 16

Match the terms with the definitions.
-A complete set of all the accounts used by 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 17

A chronological record of financial transactions expressed as debits and credits to accounts is provided by the

Accepted Answer

A)  ledger. 
B)  journal. 
C)  balance sheet. 
D)  trial balance. 
A)  ledger. 
B)  journal. 
C)  balance sheet. 
D)  trial balance.

Question 18

In some cases, erasures are better for corrections than the ruling method.

Accepted Answer

A) True 
 B)False

Question 19

A two-column journal has only two amount columns-one for the amount of the entry and one for the running balance.

Accepted Answer

A) True 
 B)False

Question 20

For EVERY transaction, the accountant enters the

Accepted Answer

A)  year, month, and day. 
B)  month and day. 
C)  day. 
D)  year and day. 
A)  year, month, and day. 
B)  month and day. 
C)  day. 
D)  year and day.

Firms are more likely to use a four-column journal account than T accounts.

Cash is used to pay for a car for personal use by the owner. The transaction includes

The posting reference, amount, and description are the three items of information about each transaction that should be entered in the ledger accounts.

Entering transactions in a journal is called posting.

The chart of accounts includes the account titles in numerical order.

A chart of accounts does NOT include

Information about cash receipts can be obtained from check stubs and carbon copies of checks.

To make the posting process easier, posting reference entries are made at the same time that transactions are entered in the two-column journal.

Match the terms with the definitions. -Another name for a journal because it is here that the first formal accounting record of a transaction is made.

Match the terms with the definitions. -The link provided by the information in the Posting Reference columns of the journal and ledger.

Forms and papers that provide information about a business transaction are called

Copies of sales tickets or sales invoices issued to customers or clients provide information about

Corrections in accounts should be made by

Because the first formal accounting record of a transaction is made in a journal from source document information, a journal is commonly referred to as a(n)

The simplest form of journal is one with

Match the terms with the definitions. -A complete set of all the accounts used by a business.

A chronological record of financial transactions expressed as debits and credits to accounts is provided by the

In some cases, erasures are better for corrections than the ruling method.

A two-column journal has only two amount columns-one for the amount of the entry and one for the running balance.

For EVERY transaction, the accountant enters the

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

Firms are more likely to use a four-column journal account than T accounts.

Cash is used to pay for a car for personal use by the owner. The transaction includes

The posting reference, amount, and description are the three items of information about each transaction that should be entered in the ledger accounts.

Entering transactions in a journal is called posting.

The chart of accounts includes the account titles in numerical order.

A chart of accounts does NOT include

Information about cash receipts can be obtained from check stubs and carbon copies of checks.

To make the posting process easier, posting reference entries are made at the same time that transactions are entered in the two-column journal.

Match the terms with the definitions. -Another name for a journal because it is here that the first formal accounting record of a transaction is made.

Match the terms with the definitions. -The link provided by the information in the Posting Reference columns of the journal and ledger.

Forms and papers that provide information about a business transaction are called

Copies of sales tickets or sales invoices issued to customers or clients provide information about

Corrections in accounts should be made by

Because the first formal accounting record of a transaction is made in a journal from source document information, a journal is commonly referred to as a(n)

The simplest form of journal is one with

Match the terms with the definitions. -A complete set of all the accounts used by a business.

A chronological record of financial transactions expressed as debits and credits to accounts is provided by the

In some cases, erasures are better for corrections than the ruling method.

A two-column journal has only two amount columns-one for the amount of the entry and one for the running balance.

For EVERY transaction, the accountant enters the

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