Ch 7 Accounting Review

Ch 7 Accounting Review

12th Grade

20 Qs

quiz-placeholder

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Ch 7 Accounting Review

Ch 7 Accounting Review

Assessment

Quiz

Business

12th Grade

Practice Problem

Medium

Created by

Tamara Haight

Used 3+ times

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20 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the first step in posting journal entries to general ledger accounts?

Calculate the new account balance

Identify the accounts affected

Record the date of the transaction

Transfer the debit and credit amounts

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT a general ledger account?

Cash

Sales Revenue

Accounts Payable

Purchase Order

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the purpose of posting journal entries to general ledger accounts?

To record business transactions chronologically

To ensure that debits equal credits

To update account balances for financial statement preparation

To track individual customer transactions

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does a debit entry in a cash account signify?

An increase in cash

A decrease in cash

No change in cash

An error in the entry

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following accounts normally has a credit balance?

Equipment

Accounts Receivable

Sales Revenue

Supplies

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When posting a journal entry, what does the term "posting reference" refer to?

The page number of the journal

The account number in the ledger

The date of the transaction

The amount of the transaction

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the effect of a debit to an expense account?

It decreases the account balance

It increases the account balance

It has no effect on the account balance

It indicates an error in the entry

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