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Accounting Chapter 11

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9th - 12th Grade

Used 233+ times

Accounting Chapter 11
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20 questions

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1.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

A ledger that is summarized in a single general ledger account is called a

Subsidiary ledger

Substandard ledger

Summarized ledger

Controlling ledger

2.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

A subsidiary ledger containing only accounts for vendors from whom merchandise or other items are purchased on account is called an accounts receivable ledger.

True

False

3.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

An account in a general ledger that summarizes all accounts in a subsidiary ledger is called a

subsidiary account

substandard account

summarized account

controlling account

4.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

Although the balance of a vendor account in an accounts payable ledger is changed, the balance of the controlling account, Accounts Payable, remains unchanged.

True

False

5.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

The total of all vendor account balances in the accounts payable ledger equals the balance of the controlling account, Accounts Payable.

True

False

6.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

Each entry in the ____ journal affects the account of the vendor name in the account credited column.

accounts receivable

accounts payable

purchases

sales

7.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

Each entry in the Purchases Discount Credit column of a cash payments journal affects a vendor account.

True

False

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