Question 1

Journalizing does NOT include

Accepted Answer

A)   debiting account(s)  that are affected.
B)   crediting account(s)  that are affected.
C)   posting the debits and credits to the accounts.
D)   entering the date.

Question 2

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 3

The Item column in a general ledger is used to provide ____________________ for special entries.

Accepted Answer

The answer of The Item column in a general ledger...

Question 4

Instead of T accounts, businesses are more likely to use a

Accepted Answer

A)   chart of accounts.
B)   balance sheet.
C)   four-column account.
D)   special journal.

Question 5

The transaction to record payment for delivery equipment that was purchased on account in the previous month would include

Accepted Answer

A)   debiting Cash and crediting Accounts Receivable.
B)   debiting Cash and crediting Accounts Payable.
C)   debiting Accounts Payable and crediting Cash.
D)   debiting Delivery Equipment and crediting Cash.

Question 6

Match the terms with the definitions.
-​Almost any document that provides information about a business transaction.

Accepted Answer

A)  book of original entry
B)  chart of accounts
C)  compound entry
D)  correcting entry
E)  cross-referenceF) four-column accountG) general ledgerH) journalI) journalizingJ) postingK) ruling methodL) slide errorM) source documentN) transposition errorO) trial balance

Question 7

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

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

The steps in the journalizing process include all of the following EXCEPT

Accepted Answer

A)   enter the balance.
B)   enter the debit.
C)   enter the date.
D)   enter the credit.

Question 10

The Description column of a two-column journal is used to enter the titles of the accounts affected by each
transaction, together with a description of the transaction.

Accepted Answer

A) True 
 B)False

Question 11

Journal entries requiring more than one debit and/or one credit are called ____________________.

Accepted Answer

The answer of Journal entries requiring more than one debit...

Question 12

The ledger is a reliable source of information only when all of the transactions entered in the journal have been
posted.

Accepted Answer

A) True 
 B)False

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.

Question 14

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

Accepted Answer

A) True 
 B)False

Question 15

The information in the Posting Reference columns of the journal and the ledger that provides a link between the
journal and the ledger is known as a(n) ____________________.

Accepted Answer

The answer of The information in the Posting Reference columns...

Question 16

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.

Question 17

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-referenceF) four-column accountG) general ledgerH) journalI) journalizingJ) postingK) ruling methodL) slide errorM) source documentN) transposition errorO) trial balance

Question 18

Source documents provide objective, verifiable evidence of business transactions.

Accepted Answer

A) True 
 B)False

Question 19

A list of all the accounts used by a business is called a trial balance.

Accepted Answer

A) True 
 B)False

Question 20

The flow of data through the accounting information system includes analyzing transactions, journalizing, posting, and preparing a trial balance.

Accepted Answer

A) True 
 B)False

Exam 4: Journalizing and Posting Transactions

The Description column of a two-column journal is used to enter the titles of the accounts affected by each transaction, together with a description of the transaction.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Journal entries requiring more than one debit and/or one credit are called ____________________.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

The Item column in a general ledger is used to provide ____________________ for special entries.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Match the terms with the definitions. -​Almost any document that provides information about a business transaction.

Correct AnswerverifiedShow Answer

Journalizing does NOT include

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

The information in the Posting Reference columns of the journal and the ledger that provides a link between the journal and the ledger is known as a(n) ____________________.

Correct AnswerverifiedShow Answer

Corrections in accounts should be made by

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

The steps in the journalizing process include all of the following EXCEPT

Correct AnswerverifiedShow Answer

The ledger is a reliable source of information only when all of the transactions entered in the journal have been posted.

Correct AnswerverifiedShow Answer

A list of all the accounts used by a business is called a trial balance.

Correct AnswerverifiedShow Answer

Instead of T accounts, businesses are more likely to use a

Correct AnswerverifiedShow Answer

The transaction to record payment for delivery equipment that was purchased on account in the previous month would include

Correct AnswerverifiedShow Answer

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.

Correct AnswerverifiedShow Answer

The flow of data through the accounting information system includes analyzing transactions, journalizing, posting, and preparing a trial balance.

Correct AnswerverifiedShow Answer

Source documents provide objective, verifiable evidence of business transactions.

Correct AnswerverifiedShow Answer

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Match the terms with the definitions. -Almost any document that provides information about a business transaction.

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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.

Correct Answer
verified

Correct Answer
verified

Correct Answer
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