Question 1

A three-column form of account is so named because it has columns for

Accepted Answer

A) debit, credit, and account name. 
B) debit, credit, and reference. 
C) debit, credit, and balance. 
D) debit, credit, and date. 
A) debit, credit, and account name. 
B) debit, credit, and reference. 
C) debit, credit, and balance. 
D) debit, credit, and date.

Question 2

A journal provides

Accepted Answer

A) the balances for each account. 
B) information about a transaction in several different places. 
C) a list of all accounts used in the business. 
D) a chronological record of transactions. 
A) the balances for each account. 
B) information about a transaction in several different places. 
C) a list of all accounts used in the business. 
D) a chronological record of transactions.

Question 3

The left side of an account is

Accepted Answer

A) blank. 
B) a description of the account. 
C) the debit side. 
D) the balance of the account. 
A) blank. 
B) a description of the account. 
C) the debit side. 
D) the balance of the account.

Question 4

The double-entry system is a logical method for recording transactions and results in equal debits and credits for each transaction.

Accepted Answer

A) True 
 B)False

Question 5

The normal balance of all accounts is a debit.

Accepted Answer

A) True 
 B)False

Question 6

An account consists of

Accepted Answer

A) a title, a debit balance, and a credit balance. 
B) a title, a left side, and a debit balance. 
C) a title, a debit side, and a credit side. 
D) a title, a right side, and a debit balance. 
A) a title, a debit balance, and a credit balance. 
B) a title, a left side, and a debit balance. 
C) a title, a debit side, and a credit side. 
D) a title, a right side, and a debit balance.

Question 7

The double-entry accounting system is the basis of accounting systems

Accepted Answer

A) worldwide. 
B) worldwide, except for the U.S. 
C) in the U.S.only 
D) neither internationally nor in the U.S.
IFRS. 
A) worldwide. 
B) worldwide, except for the U.S. 
C) in the U.S.only 
D) neither internationally nor in the U.S.
IFRS.

Question 8

After journal entries are posted, the reference column

Accepted Answer

A) of the general journal will be blank. 
B) of the general ledger will show journal page numbers. 
C) of the general journal will show "Dr" or "Cr". 
D) of the general ledger will show account numbers. 
A) of the general journal will be blank. 
B) of the general ledger will show journal page numbers. 
C) of the general journal will show "Dr" or "Cr". 
D) of the general ledger will show account numbers.

Question 9

The usual sequence of steps in the transaction recording process is:

Accepted Answer

Question 10

A chart of accounts usually starts with

Accepted Answer

A) asset accounts. 
B) expense accounts. 
C) liability accounts. 
D) revenue accounts. 
A) asset accounts. 
B) expense accounts. 
C) liability accounts. 
D) revenue accounts.

Question 11

The procedure of transferring journal entries to the ledger accounts is called

Accepted Answer

A) journalizing. 
B) analyzing. 
C) reporting. 
D) posting. 
A) journalizing. 
B) analyzing. 
C) reporting. 
D) posting.

Question 12

The chart of accounts used by Notwist Copy Company is listed below.You are to indicate the proper accounts to 1.

Accepted Answer

The answer of The chart of accounts used by Notwist...

Question 13

Which of the following are the same under both GAAP and IFRS?

Accepted Answer

A) The journal. 
B) The ledger. 
C) The chart of accounts. 
D) All of these answers are correct.
IFRS. 
A) The journal. 
B) The ledger. 
C) The chart of accounts. 
D) All of these answers are correct.
IFRS.

Question 14

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 15

Under the double-entry system, revenues must always equal expenses.

Accepted Answer

A) True 
 B)False

Question 16

Which of the following journal entries is recorded correctly and in the standard format?

Accepted Answer

Question 17

Which one of the following is not a part of an account?

Accepted Answer

A) Credit side 
B) Trial balance 
C) Debit side 
D) Title 
A) Credit side 
B) Trial balance 
C) Debit side 
D) Title

Question 18

Posting of journal entries should be done in

Accepted Answer

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

Question 19

Prepare a corrected trial balance for Stereolab Company.All accounts should have a normal balance.

Accepted Answer

The answer of Prepare a corrected trial balance for Stereolab...

Question 20

Which of the following is true?

Accepted Answer

A) Transaction analysis is completely different under IFRS and GAAP. 
B) Most transactions are recorded differently under IFRS and GAAP. 
C) Transaction analysis is the same under IFRS and GAAP, but some transactions are recorded differently. 
D) All transactions are recorded the same under IFRS and GAAP.
IFRS. 
A) Transaction analysis is completely different under IFRS and GAAP. 
B) Most transactions are recorded differently under IFRS and GAAP. 
C) Transaction analysis is the same under IFRS and GAAP, but some transactions are recorded differently. 
D) All transactions are recorded the same under IFRS and GAAP.
IFRS.

A three-column form of account is so named because it has columns for

A journal provides

The left side of an account is

The double-entry system is a logical method for recording transactions and results in equal debits and credits for each transaction.

The normal balance of all accounts is a debit.

An account consists of

The double-entry accounting system is the basis of accounting systems

After journal entries are posted, the reference column

The usual sequence of steps in the transaction recording process is:

A chart of accounts usually starts with

The procedure of transferring journal entries to the ledger accounts is called

The chart of accounts used by Notwist Copy Company is listed below.You are to indicate the proper accounts to 1.

Which of the following are the same under both GAAP and IFRS?

Which of the following is false about a journal?

Under the double-entry system, revenues must always equal expenses.

Which of the following journal entries is recorded correctly and in the standard format?

Which one of the following is not a part of an account?

Posting of journal entries should be done in

Prepare a corrected trial balance for Stereolab Company.All accounts should have a normal balance.

Which of the following is true?

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: Organisations, Stock Transactions and Stockholders Equity

Statement of Cash Flows

Financial Analysis: the Big Picture

Time Value of Money

Payroll Accounting

Other Significant Liabilities

Filters

Exam 2: The Recording Process

A three-column form of account is so named because it has columns for

A journal provides

The left side of an account is

The double-entry system is a logical method for recording transactions and results in equal debits and credits for each transaction.

The normal balance of all accounts is a debit.

An account consists of

The double-entry accounting system is the basis of accounting systems

After journal entries are posted, the reference column

The usual sequence of steps in the transaction recording process is:

A chart of accounts usually starts with

The procedure of transferring journal entries to the ledger accounts is called

The chart of accounts used by Notwist Copy Company is listed below.You are to indicate the proper accounts to 1.

Which of the following are the same under both GAAP and IFRS?

Which of the following is false about a journal?

Under the double-entry system, revenues must always equal expenses.

Which of the following journal entries is recorded correctly and in the standard format?

Which one of the following is not a part of an account?

Posting of journal entries should be done in

Prepare a corrected trial balance for Stereolab Company.All accounts should have a normal balance.

Which of the following is true?

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: Organisations, Stock Transactions and Stockholders Equity

Statement of Cash Flows

Financial Analysis: the Big Picture

Time Value of Money

Payroll Accounting

Other Significant Liabilities

Filters