BM121 Computerized Accounting Quiz 2 Prep

When would you perform a general ledger transaction?

• When a member is purchasing something from the credit union

• Never

• When the member is returning merchandise to the credit union

• Both A & C

General Ledger Receipts begin with a _________ a member's account.

• Deposit into

• Withdrawal from

• Transfer to

• Transfer from

If the item was purchased with a cash and was for more than _______, it will need to be logged in the monetary transaction log.

• $1,000

• $3,000

• $5,000

• $10,000

The journal is also called

• the book of Job

• the book of original entry.

• the book of post entry

• the 2nd book

For the general journal,when recording transactions involving accounts payable or accounts receivable, typically you list in the description the name of the creditor or the customer.

• True

• False

12 months is considered what type of year in accounting?

• a calendar year

• a fiscal year

• an accounting year

• a quarter

Recording business transactions in the journal is called ledgerization or ledgerizing

• true

• false

The worksheet is supposed to

• help with the trial balance

• help with the ledger

• help with financial statements

• help with crises

The usual sequence of steps in the transaction recording process is:

• journal - analyze - ledger.

• analyze- journal - ledger.

• journal -ledger -analyze.

• ledger - journal - analyze.

The procedure of transferring journal entries to the ledger accounts is called

• journalizing.

• analyzing.

• reporting.

• posting.