Accounting: Unit 10 Test Review

An account in the general ledger that summarizes all the accounts from a subsidiary ledger is called a(n):

• asset account

• controlling account

• expense account

• subsidiary account

When posting a credit to an accounts payable ledger, you:

• write Balance in the Item column

• add the credit amount to the Debit column balance

• write the source document in the Post. Ref. column

• add the credit amount to the Credit column balance

Which of the following can cause an error in posting?

• overpayment to a vendor

• understated income

• unequal cash balances

• all of these

The total balances of the accounts receivable ledger should equal:

• its controlling account in the general ledger

• cash on hand

• debits and credits

• sales

A listing of customer accounts, account balances, and total amount due from customers is called a(n):

• general ledger

• purchases subsidiary ledger

• accounts payable ledger

• accounts receivable ledger

A list of vendors, account balances, and the total amount owed is called a(n):

• general ledger

• inventory subsidiary ledger

• accounts payable ledger

• accounts receivable ledger

What factors can help you decide which subsidiary ledgers to use in your business?

• the size of your business

• the number of transactions

• the amount of the transactions

• all of the these

The last step in posting to an accounts receivable ledger is:

• calculating the balances

• inserting a checkmark in the Post. Ref. column

• writing the customer number in the Post. Ref. column of the journal

• recording the debit or credit entry in the appropriate column

Which of the following should you include in the heading for a schedule of accounts payable?

• company name

• date of document

• document name

• all of these

When you are using an accounts receivable ledger, the amount that all customers owe is summarized in a(n):

• special amount column

• single general ledger account

• account receivable column total in the journal

• asset account that is listed in the journal