
Accounting I Chapter 7 Quiz
Authored by Cheryl Albright
Business
9th - 12th Grade
Used 7+ times

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18 questions
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1.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
The purpose of posting is to show the changes that take place in the business's accounts as a result of a financial transaction.
True
False
2.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
A company may determine when it posts transactions to the ledger which depends on the company's size and resources.
True
False
3.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Every amount posted will either increase or decrease the balance of a ledger account
True
False
4.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Every journal entry requires a posting to at least two ledger accounts.
True
False
5.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
A credit posting to the Office Equipment account (Asset) will result in an increase to that account.
True
False
6.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
In the preparation of a trial balance, all accounts are listed in the order in which they appear on the chart of accounts, including those accounts with a zero balance.
True
False
7.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
A trial balance is prepared before posting is completed.
True
False
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