Question 1

Which of the following statements is not a purpose for the journal?

Accepted Answer

A) to show increases and decreases in accounts 
B) to show a chronological order by date 
C) to show a complete transaction in one place 
D) to help locate errors 
A) to show increases and decreases in accounts 
B) to show a chronological order by date 
C) to show a complete transaction in one place 
D) to help locate errors

Question 2

On January 1,Merry Walker established a catering service.Listed below are accounts to use for transactions 
(a)through 
(d),each identified by a number.Following this list are the transactions that occurred during the first month of operations.You are to indicate for each transaction the accounts that should be debited and credited by placing the account number
(s)in the appropriate box.​

Accepted Answer

The answer of On January 1,Merry Walker established a catering...

Question 3

Several types of errors can be made during the journalizing and posting process. Match the following with their best description.
-Wrong amount posted to an account

Accepted Answer

A) Trial balance preparation errors 
B) Account balance errors 
C) Posting errors 
A) Trial balance preparation errors 
B) Account balance errors 
C) Posting errors

Question 4

To determine the balance in an account,always subtract credits from debits.

Accepted Answer

A) True 
 B)False

Question 5

The normal balance of the drawing account is a debit.

Accepted Answer

A) True 
 B)False

Question 6

The Posting Reference columns are used to trace transactions from the ledger to the journal.What will be entered in the Posting Reference column of (1)the journal and
(2)the ledger?

Accepted Answer

A) (1) the amount of the debit or credit and (2) the journal page number 
B) (1) the journal page number and (2) the date of the transaction 
C) (1) the journal page number and (2) the account number 
D) (1) the account number and (2) the journal page number 
A) (1) the amount of the debit or credit and (2) the journal page number 
B) (1) the journal page number and (2) the date of the transaction 
C) (1) the journal page number and (2) the account number 
D) (1) the account number and (2) the journal page number

Question 7

The posting process will include the transfer of which of the following data from the journal to the ledger?

Accepted Answer

A) date, amount (debit or credit) 
B) date, amount (debit or credit), journal page number 
C) amount (debit or credit), account number 
D) date, amount (debit or credit) account number 
A) date, amount (debit or credit) 
B) date, amount (debit or credit), journal page number 
C) amount (debit or credit), account number 
D) date, amount (debit or credit) account number

Question 8

Accounts in the ledger are usually maintained in alphabetical order.

Accepted Answer

A) True 
 B)False

Question 9

Increases and decreases in various types of accounts are listed below.In each case,indicate by "Dr." or "Cr." 
(a)whether the change in the account would be recorded as a debit or a credit and 
(b)whether the normal balance of the account is a debit or a credit.

Accepted Answer

The answer of Increases and decreases in various types of...

Question 10

A chart of accounts is a listing of accounts that make up the journal.

Accepted Answer

A) True 
 B)False

Question 11

A debit is abbreviated as Db and a credit is abbreviated as Cr.

Accepted Answer

A) True 
 B)False

Question 12

Liabilities are increased with debits and decreased with credits.

Accepted Answer

A) True 
 B)False

Question 13

A list of the accounts used by a business is called the

Accepted Answer

A) journal 
B) chart of accounts 
C) T chart 
D) debit listing 
A) journal 
B) chart of accounts 
C) T chart 
D) debit listing

Question 14

Normal account balances are on the increase side of the accounts.

Accepted Answer

A) True 
 B)False

Question 15

The chart of accounts for Corning Company includes the following:
​
   Page 3 of the journal contains the following entry:
  
-What posting references will be found in the journal entry?

Accepted Answer

A) 15, 11 
B) 15, 3 
C) 11, 3 
D) 3, 15 
A) 15, 11 
B) 15, 3 
C) 11, 3 
D) 3, 15

Question 16

The accounts in the ledger of Monroe Entertainment Co.are listed below.All accounts have normal balances.​​   Total assets are

Accepted Answer

A) $10,000 
B) $8,000 
C) $9,700 
D) $9,800 
A) $10,000 
B) $8,000 
C) $9,700 
D) $9,800

Question 17

Transactions are listed in the journal chronologically.

Accepted Answer

A) True 
 B)False

Question 18

All owner's equity accounts record increases to the accounts with credits.

Accepted Answer

A) True 
 B)False

Question 19

A credit balance in which of the following accounts would likely indicate an error?

Accepted Answer

A) Fees Earned 
B) Salary Expense 
C) Janet James, Capital 
D) Accounts Payable 
A) Fees Earned 
B) Salary Expense 
C) Janet James, Capital 
D) Accounts Payable

Question 20

The right-hand side of a T account is known as a debit and the left-hand side is known as a credit.

Accepted Answer

A) True 
 B)False

Which of the following statements is not a purpose for the journal?

Several types of errors can be made during the journalizing and posting process. Match the following with their best description. -Wrong amount posted to an account

To determine the balance in an account,always subtract credits from debits.

The normal balance of the drawing account is a debit.

The Posting Reference columns are used to trace transactions from the ledger to the journal.What will be entered in the Posting Reference column of (1)the journal and (2)the ledger?

The posting process will include the transfer of which of the following data from the journal to the ledger?

Accounts in the ledger are usually maintained in alphabetical order.

Increases and decreases in various types of accounts are listed below.In each case,indicate by "Dr." or "Cr." (a)whether the change in the account would be recorded as a debit or a credit and (b)whether the normal balance of the account is a debit or a credit.

A chart of accounts is a listing of accounts that make up the journal.

A debit is abbreviated as Db and a credit is abbreviated as Cr.

Liabilities are increased with debits and decreased with credits.

A list of the accounts used by a business is called the

Normal account balances are on the increase side of the accounts.

The chart of accounts for Corning Company includes the following: Page 3 of the journal contains the following entry: -What posting references will be found in the journal entry?

The accounts in the ledger of Monroe Entertainment Co.are listed below.All accounts have normal balances. Total assets are

Transactions are listed in the journal chronologically.

All owner's equity accounts record increases to the accounts with credits.

A credit balance in which of the following accounts would likely indicate an error?

The right-hand side of a T account is known as a debit and the left-hand side is known as a credit.

Introduction to Accounting and Business

The Adjusting Process

Completing the Accounting Cycle

Accounting Systems

Accounting for Merchandising Businesses

Inventories

Internal Control and Cash

Receivables

Long-Term Assets: Fixed and Intangible

Current Liabilities and Payroll

Accounting for Partnerships and Limited Liability Companies

Corporations: Organization, stock Transactions, and Dividends

Long-Term Liabilities: Bonds and Notes

Investments and Fair Value Accounting

Statement of Cash Flows

Financial Statement Analysis

Filters

Exam 2: Analyzing Transactions

Which of the following statements is not a purpose for the journal?

Several types of errors can be made during the journalizing and posting process. Match the following with their best description. -Wrong amount posted to an account

To determine the balance in an account,always subtract credits from debits.

The normal balance of the drawing account is a debit.

The Posting Reference columns are used to trace transactions from the ledger to the journal.What will be entered in the Posting Reference column of (1)the journal and (2)the ledger?

The posting process will include the transfer of which of the following data from the journal to the ledger?

Accounts in the ledger are usually maintained in alphabetical order.

Increases and decreases in various types of accounts are listed below.In each case,indicate by "Dr." or "Cr." (a)whether the change in the account would be recorded as a debit or a credit and (b)whether the normal balance of the account is a debit or a credit.

A chart of accounts is a listing of accounts that make up the journal.

A debit is abbreviated as Db and a credit is abbreviated as Cr.

Liabilities are increased with debits and decreased with credits.

A list of the accounts used by a business is called the

Normal account balances are on the increase side of the accounts.

The chart of accounts for Corning Company includes the following: ​ Page 3 of the journal contains the following entry: -What posting references will be found in the journal entry?

The accounts in the ledger of Monroe Entertainment Co.are listed below.All accounts have normal balances.​​ Total assets are

Transactions are listed in the journal chronologically.

All owner's equity accounts record increases to the accounts with credits.

A credit balance in which of the following accounts would likely indicate an error?

The right-hand side of a T account is known as a debit and the left-hand side is known as a credit.

Introduction to Accounting and Business

The Adjusting Process

Completing the Accounting Cycle

Accounting Systems

Accounting for Merchandising Businesses

Inventories

Internal Control and Cash

Receivables

Long-Term Assets: Fixed and Intangible

Current Liabilities and Payroll

Accounting for Partnerships and Limited Liability Companies

Corporations: Organization, stock Transactions, and Dividends

Long-Term Liabilities: Bonds and Notes

Investments and Fair Value Accounting

Statement of Cash Flows

Financial Statement Analysis

Filters

The chart of accounts for Corning Company includes the following: Page 3 of the journal contains the following entry: -What posting references will be found in the journal entry?

The accounts in the ledger of Monroe Entertainment Co.are listed below.All accounts have normal balances. Total assets are