Chapter 7 Review

The process of transferring information in the journal to individual accounts in the general ledger.

• Journaling

• Transferring

• Posting

• None of the above

Posting to the general ledger is important, because

• It provides up-to-date information for each account

• It helps managers identify what's happening with a specific account

• It helps us provide clients with accurate account balances

• All of the above

The document where you post the information for a ledger account is called a

• Ledger Account Form

• General Journal

• Trial balance

Which of these is posted in the ledger account form?

• Date

• Debit/Credit

• Balance

• All of the above

The cross-reference used to help trace the origin of a journal entry or posting is called a

• Description

• Post reference

• Normal balance

• None of the above

When you prepare a trial balance you are

• Proving the ledger

• Posting

• Journaling

When the sum of all debits equals the sum of all credits in the trial balance, you have

• Completed the accounting cycle

• Zeroed out the account

• Proven the ledger

If $270 was mistakenly entered as $207, that is called a

• Slide Error

• Blind Error

• Transposition Error

• None of the above

If $2500 was mistakenly entered as $250, that is called a

• Transposition Error

• Slide Error

• Blind Error

• None of the above

If you realize there is an error in your posting, you should

• Make a correcting entry

• Ignore it

• Erase it