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Accounting Chapter 7 Review

Authored by Susan Dixon

Business

10th - 12th Grade

Used 7+ times

Accounting Chapter 7 Review
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26 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The purpose of posting is to show the changes that take place in the business's accounts as a result of financial transactions.

true

false

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The ledger account form used by Roadrunner Delivery Service is a three-column account form.

true

false

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Opening an account in a ledger involves writing the account title and the account number on the account form.

true

false

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Opening an account in a computerized accounting system is entirely different from opening an account in a manual system.

true

false

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How often posting occurs depends on the size of the business, the number of transactions, and whether posting is done manually or electronically.

true

false

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The easiest way to post is from left to right in a ledger account because there is less chance of omitting data.

true

false

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Every posting requires the year, month, and day to be entered in the Date column of the ledger account for every transaction.

true

false

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