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Pa postquiz chap 2

Authored by Hong Ngoc

Professional Development

University

Used 2+ times

Pa postquiz chap 2
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39 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The final step in the recording process is to

Analyze each transaction

Enter the transaction in a journal

Prepare a trial balance

Transfer journal information to ledger accounts

Answer explanation

1. Analyze each transaction for its effects on the accounts.

2. Enter the transaction information in a journal.

3. Transfer the journal information to the appropriate accounts in the ledger

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When two accounts are required in one journal entry, the entry is referred to as a

Balanced entry

Simple entry

Posting

Nominal entry

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Another name for a journal is

Listing

Book of original entry

Book of accounts

Book of source documents

Answer explanation

- The journal is referred to as the book of original entry.

- A general journal: basic form of journal

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The standard format of a journal would not include

A reference column

An account title column

A T-account

A date column

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Transactions in a journal are initially recorded in

Account number order

Dollar amount order

Alphabetical order

Chronological order

Answer explanation

- The journal makes several significant contributions to the recording process:

• It discloses in one place the complete effects of a transaction.

• It provides a chronological record of transactions.

• It helps to prevent or locate errors because the debit and credit amounts for

each entry can be easily compared.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A journal is not useful for

Disclosing in one place the complete effect of a transaction

Preparing financial statements

Providing a record of transactions

Locating and preventing errors

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A complete journal entry does not show

The date of the transaction

The new balance in the accounts affected by the transaction.

A brief explanation of the transaction

The accounts and amounts to be debited and credited

Answer explanation

A complete entry consists of

(1) the date of the transaction

(2) the accounts and amounts to be debited and credited

(3) a brief explanation of the transaction.

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