Question 1

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.E) None of the above
F) A) and B)

Question 2

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.E) A) and C)
F) None of the above

Question 3

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

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

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 6

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  loading="lazy" src="/assets/images/blured-textbook.svg" class="d-inline m-1" alt="blured image" width="139" height="30"> [(Cash + Accts. rec. + Owner's draws. +...

Question 7

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 8

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.E) C) and D)
F) A) and D)

Question 9

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

Accepted Answer

A) True 
 B)False

Question 10

The entire group of accounts maintained by a company is the

Accepted Answer

A)   journal.
B)   ledger.
C)   compound entry.
D)   trial balance.E) A) and B)
F) None of the above

Question 11

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.E) None of the above
F) All of the above

Question 12

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

Accepted Answer

A) True 
 B)False

Question 13

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, postingE) A) and D)
F) All of the above

Question 14

Journalizing is the first step in the recording process.

Accepted Answer

A) True 
 B)False

Question 15

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.E) None of the above
F) A) and D)

Question 16

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.E) B) and D)
F) B) and C)

Question 17

Transactions in a journal are initially recorded in

Accepted Answer

A)   account number order.
B)   dollar amount order.
C)   alphabetical order.
D)   chronological order.E) A) and B)
F) All of the above

Question 18

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.E) A) and D)
F) A) and B)

Question 19

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.E) B) and D)
F) A) and C)

Question 20

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

Accepted Answer

A) True 
 B)False

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

A complete journal entry does not show

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Customarily, a trial balance is prepared

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Transactions in a journal are initially recorded in

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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.

Correct Answerverified [(Cash + Accts. rec. + Owner's draws. +...View AnswerShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

A chart of accounts for a business firm

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

The usual ordering of accounts in the general ledger is

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Journalizing is the first step in the recording process.

Correct AnswerverifiedShow Answer

The entire group of accounts maintained by a company is the

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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[(Cash + Accts. rec. + Owner's draws. +...
View Answer

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