Question 1

A separate line in the two-column journal should be used for each account title.

Accepted Answer

A) True 
 B)False  True

Question 2

Source documents begin the process of entering transactions in the accounting system.

Accepted Answer

A) True 
 B)False  True

Question 3

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. B

Question 4

A(n)____________________ occurs when debit or credit amounts move a digit or two to the left or right when entered.

Accepted Answer

The answer of A(n)____________________ occurs when debit or credit amounts...

Question 5

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.

Question 6

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 7

If the owner of a company invested cash in a business enterprise,the transaction would include

Accepted Answer

A)  debiting Cash and crediting Capital. 
B)  debiting Capital and crediting Cash. 
C)  debiting Cash and crediting Revenue. 
D)  debiting Revenue and crediting Cash. 
A)  debiting Cash and crediting Capital. 
B)  debiting Capital and crediting Cash. 
C)  debiting Cash and crediting Revenue. 
D)  debiting Revenue and crediting Cash.

Question 8

Posting from the journal to the ledger does NOT involve which of the following steps?

Accepted Answer

A)  Enter the date of each transaction in the accounts. 
B)  Enter the amount of each transaction in the accounts. 
C)  Enter the page of the journal from which each transaction is posted in the accounts. 
D)  Enter the description of the entry. 
A)  Enter the date of each transaction in the accounts. 
B)  Enter the amount of each transaction in the accounts. 
C)  Enter the page of the journal from which each transaction is posted in the accounts. 
D)  Enter the description of the entry.

Question 9

After posting journal information to the ledger accounts,a check mark should be entered in the Posting Reference column of the journal to indicate that the transaction item has been posted.

Accepted Answer

A) True 
 B)False

Question 10

A trial balance can only be accurately prepared on the last day of the accounting period after all transactions have been entered.

Accepted Answer

A) True 
 B)False

Question 11

The purpose of a journal is to provide a chronological record of all transactions completed by the business.

Accepted Answer

A) True 
 B)False

Question 12

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.

Question 13

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

Accepted Answer

A) True 
 B)False

Question 14

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

Accepted Answer

A) True 
 B)False

Question 15

Purchase invoices received from suppliers provide information about

Accepted Answer

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

Question 16

Source documents provide objective,verifiable evidence of business transactions.

Accepted Answer

A) True 
 B)False

Question 17

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 18

George Smyth opened a computer repair business on Apr.1,20--.During the first month of operations,the firm had
the following transactions.Record these transactions on page 1 of the general journal.Omit explanations.
Post appropriate transactions to the general ledger.
?
 Apr. 1 George Smyth invested $ \$ 30,000 $ cash in the business.
2 Paid rent for April, $ \$ 2,100 $.
8 Bought equipment for $ \$ 12,000 $ and issued a check for $ \$ 3,000 $ as a down payment.
12 Performed services for $ \$ 3,200 $ in cash, and $ \$ 1,200 $ on credit.
19 Paid electric bill, $ \$ 225 $.
25 Recerved $ \$ 900 $ on account from credit customers. ?
?
?
?
   ?
?
 $\begin{array}{ll}
& \text { GENERAL LEDGER } \
  \text { Account Cash } &&  \text { Account No. 101 } \
\end{array}$

?
     ?
   ?
?
   ?
?
   ?
   ??
?
   ?
?
   ?
?

Accepted Answer

? @#LAT-DLM& ? @#IMG-DLM&_TB4041_00 ? @#IMG-DLM&_TB4041_00 ?

Question 19

A list of all accounts (account titles)used by a business is called a(n)____________________.

Accepted Answer

The answer of A list of all accounts (account titles)used...

Question 20

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

A separate line in the two-column journal should be used for each account title.

Source documents begin the process of entering transactions in the accounting system.

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

A(n)____________________ occurs when debit or credit amounts move a digit or two to the left or right when entered.

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

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

If the owner of a company invested cash in a business enterprise,the transaction would include

Posting from the journal to the ledger does NOT involve which of the following steps?

After posting journal information to the ledger accounts,a check mark should be entered in the Posting Reference column of the journal to indicate that the transaction item has been posted.

A trial balance can only be accurately prepared on the last day of the accounting period after all transactions have been entered.

The purpose of a journal is to provide a chronological record of all transactions completed by the business.

For EVERY transaction,the accountant enters the

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

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

Purchase invoices received from suppliers provide information about

Source documents provide objective,verifiable evidence of business transactions.

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

A list of all accounts (account titles)used by a business is called a(n)____________________.

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

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: Employee Earnings and Deductions

Payroll Accounting: Employer Taxes and Reports

Module Accounting For A Professional Service Business The Combination Journal

Filters

Exam 4: Journalizing and Posting Transactions

A separate line in the two-column journal should be used for each account title.

Source documents begin the process of entering transactions in the accounting system.

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

A(n)____________________ occurs when debit or credit amounts move a digit or two to the left or right when entered.

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

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

If the owner of a company invested cash in a business enterprise,the transaction would include

Posting from the journal to the ledger does NOT involve which of the following steps?

After posting journal information to the ledger accounts,a check mark should be entered in the Posting Reference column of the journal to indicate that the transaction item has been posted.

A trial balance can only be accurately prepared on the last day of the accounting period after all transactions have been entered.

The purpose of a journal is to provide a chronological record of all transactions completed by the business.

For EVERY transaction,the accountant enters the

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

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

Purchase invoices received from suppliers provide information about

Source documents provide objective,verifiable evidence of business transactions.

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

A list of all accounts (account titles)used by a business is called a(n)____________________.

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

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: Employee Earnings and Deductions

Payroll Accounting: Employer Taxes and Reports

Module Accounting For A Professional Service Business The Combination Journal

Filters