Question 1

The entire group of accounts maintained by a company is the

Accepted Answer

A)  journal. 
B)  ledger. 
C)  compound entry. 
D)  trial balance. 
A)  journal. 
B)  ledger. 
C)  compound entry. 
D)  trial balance.

Question 2

Customarily, a trial balance is prepared

Accepted Answer

A)  at the end of each day. 
B)  after each journal entry is posted. 
C)  at the end of an accounting period. 
D)  only at the inception of the business. 
A)  at the end of each day. 
B)  after each journal entry is posted. 
C)  at the end of an accounting period. 
D)  only at the inception of the business.

Question 3

A complete journal entry includes a brief explanation of the transaction.

Accepted Answer

A) True 
 B)False

Question 4

The ledger is merely a bookkeeping device and therefore does not provide much useful data for management.

Accepted Answer

A) True 
 B)False

Question 5

Which of the following is the correct sequence of steps in the recording process?

Accepted Answer

A)  Posting, journalizing, analyzing 
B)  Journalizing, analyzing, posting 
C)  Analyzing, posting, journalizing 
D)  Analyzing, journalizing, posting 
A)  Posting, journalizing, analyzing 
B)  Journalizing, analyzing, posting 
C)  Analyzing, posting, journalizing 
D)  Analyzing, journalizing, posting

Question 6

The first three steps in the recording process are: analyze, journalize and post.

Accepted Answer

A) True 
 B)False

Question 7

A chart of accounts for a business firm

Accepted Answer

A)  is a graph. 
B)  indicates the amount of profit or loss for the period. 
C)  lists the accounts and account numbers that identify their location in the ledger. 
D)  shows the balance of each account in the general ledger. 
A)  is a graph. 
B)  indicates the amount of profit or loss for the period. 
C)  lists the accounts and account numbers that identify their location in the ledger. 
D)  shows the balance of each account in the general ledger.

Question 8

When two accounts are required in one journal entry, the entry is referred to as a

Accepted Answer

A)  balanced entry. 
B)  simple entry. 
C)  posting. 
D)  nominal entry. 
A)  balanced entry. 
B)  simple entry. 
C)  posting. 
D)  nominal entry.

Question 9

In Yani's Gyros trial balance, which type of balance should Yani expect for the type of account indicated?

Accepted Answer

A)  Asset - debit. 
B)  Liabilities - debit. 
C)  Owner's Capital - debit. 
D)  Owner's Drawing - credit. 
A)  Asset - debit. 
B)  Liabilities - debit. 
C)  Owner's Capital - debit. 
D)  Owner's Drawing - credit.

Question 10

Journalizing is the first step in the recording process.

Accepted Answer

A) True 
 B)False

Question 11

Transactions in a journal are initially recorded in

Accepted Answer

A)  account number order. 
B)  dollar amount order. 
C)  alphabetical order. 
D)  chronological order. 
A)  account number order. 
B)  dollar amount order. 
C)  alphabetical order. 
D)  chronological order.

Question 12

Transactions are entered in the ledger accounts and then transferred to journals.

Accepted Answer

A) True 
 B)False

Question 13

After transaction information has been recorded in the journal, it is transferred to the

Accepted Answer

A)  trial balance. 
B)  income statement. 
C)  book of original entry. 
D)  ledger. 
A)  trial balance. 
B)  income statement. 
C)  book of original entry. 
D)  ledger.

Question 14

Analyzing, journalizing and ledgering are the first three steps in the recording process.

Accepted Answer

A) True 
 B)False

Question 15

Post the following transactions to T-accounts and determine each account's ending balance.

Accepted Answer

The answer of Post the following transactions to T-accounts and...

Question 16

The primary purpose of a trial balance is to prove the mathematical equality of the debits and credits after posting.

Accepted Answer

A) True 
 B)False

Question 17

The ledger account balances for Galaxie 500 Company are listed below.   Instructions
Prepare a trial balance in proper form for Galaxie at December 31, 2022.

Accepted Answer

@#IMG-DLM& [(Cash + Accts. rec. + Owner's draws. +

Question 18

The usual ordering of accounts in the general ledger is

Accepted Answer

A)  assets, liabilities, owner's capital, drawings, revenues, and expenses. 
B)  assets, liabilities, drawings, owner's capital, expenses, and revenues. 
C)  liabilities, assets, owner's capital, revenues, expenses, and drawings. 
D)  owner's capital, assets, liabilities, drawings, expenses, and revenues. 
A)  assets, liabilities, owner's capital, drawings, revenues, and expenses. 
B)  assets, liabilities, drawings, owner's capital, expenses, and revenues. 
C)  liabilities, assets, owner's capital, revenues, expenses, and drawings. 
D)  owner's capital, assets, liabilities, drawings, expenses, and revenues.

Question 19

On May 17, Burchel Industries purchased equipment with a cost of $2,000 on account. The entry to record the purchase will include

Accepted Answer

A)  a debit to Equipment and a credit to Accounts Payable. 
B)  a debit to Equipment Expense and a credit to Accounts Receivable. 
C)  a debit to Equipment and a credit to Cash. 
D)  a debit to Accounts Receivable and a credit to Equipment. 
A)  a debit to Equipment and a credit to Accounts Payable. 
B)  a debit to Equipment Expense and a credit to Accounts Receivable. 
C)  a debit to Equipment and a credit to Cash. 
D)  a debit to Accounts Receivable and a credit to Equipment.

Question 20

A complete journal entry does not show

Accepted Answer

A)  the date of the transaction. 
B)  the new balance in the accounts affected by the transaction. 
C)  a brief explanation of the transaction. 
D)  the accounts and amounts to be debited and credited. 
A)  the date of the transaction. 
B)  the new balance in the accounts affected by the transaction. 
C)  a brief explanation of the transaction. 
D)  the accounts and amounts to be debited and credited.

The entire group of accounts maintained by a company is the

Customarily, a trial balance is prepared

A complete journal entry includes a brief explanation of the transaction.

The ledger is merely a bookkeeping device and therefore does not provide much useful data for management.

Which of the following is the correct sequence of steps in the recording process?

The first three steps in the recording process are: analyze, journalize and post.

A chart of accounts for a business firm

When two accounts are required in one journal entry, the entry is referred to as a

In Yani's Gyros trial balance, which type of balance should Yani expect for the type of account indicated?

Journalizing is the first step in the recording process.

Transactions in a journal are initially recorded in

Transactions are entered in the ledger accounts and then transferred to journals.

After transaction information has been recorded in the journal, it is transferred to the

Analyzing, journalizing and ledgering are the first three steps in the recording process.

Post the following transactions to T-accounts and determine each account's ending balance.

The primary purpose of a trial balance is to prove the mathematical equality of the debits and credits after posting.

The ledger account balances for Galaxie 500 Company are listed below. Instructions Prepare a trial balance in proper form for Galaxie at December 31, 2022.

The usual ordering of accounts in the general ledger is

On May 17, Burchel Industries purchased equipment with a cost of $2,000 on account. The entry to record the purchase will include

A complete journal entry does not show

Welcome to Accounting

The Accounting Equation and Transaction Analysis

The Recording Process: Debits and Credits

Adjusting the Accounts and Preparing an Adjusted Trial Balance

Completing a Worksheet and Completing the Accounting Cycle

Merchandising Companies: Purchases Perpetual

Merchandising Companies: Sales Perpetual

Merchandising Companies: Worksheets and Financial Statements Perpetual

Special Journals

Inventory

Cash, Banking, and Internal Controls

Payroll Accounting: Employee Taxes and Records

Payroll Accounting: Employer Taxes and Records

Filters

Exam 4: The Recording Process: the Journal, the Ledger, and the Trial Balance

The entire group of accounts maintained by a company is the

Customarily, a trial balance is prepared

A complete journal entry includes a brief explanation of the transaction.

The ledger is merely a bookkeeping device and therefore does not provide much useful data for management.

Which of the following is the correct sequence of steps in the recording process?

The first three steps in the recording process are: analyze, journalize and post.

A chart of accounts for a business firm

When two accounts are required in one journal entry, the entry is referred to as a

In Yani's Gyros trial balance, which type of balance should Yani expect for the type of account indicated?

Journalizing is the first step in the recording process.

Transactions in a journal are initially recorded in

Transactions are entered in the ledger accounts and then transferred to journals.

After transaction information has been recorded in the journal, it is transferred to the

Analyzing, journalizing and ledgering are the first three steps in the recording process.

Post the following transactions to T-accounts and determine each account's ending balance.

The primary purpose of a trial balance is to prove the mathematical equality of the debits and credits after posting.

The ledger account balances for Galaxie 500 Company are listed below. Instructions Prepare a trial balance in proper form for Galaxie at December 31, 2022.

The usual ordering of accounts in the general ledger is

On May 17, Burchel Industries purchased equipment with a cost of $2,000 on account. The entry to record the purchase will include

A complete journal entry does not show

Welcome to Accounting

The Accounting Equation and Transaction Analysis

The Recording Process: Debits and Credits

Adjusting the Accounts and Preparing an Adjusted Trial Balance

Completing a Worksheet and Completing the Accounting Cycle

Merchandising Companies: Purchases Perpetual

Merchandising Companies: Sales Perpetual

Merchandising Companies: Worksheets and Financial Statements Perpetual

Special Journals

Inventory

Cash, Banking, and Internal Controls

Payroll Accounting: Employee Taxes and Records

Payroll Accounting: Employer Taxes and Records

Filters