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WorksheetsC4 Review A1-H6: Posting Transactions
Total questions: 26
Worksheet time: 13mins
Name
Class
Date
1.
What is it called when you place the account name and number on an account form?
a)
Opening an account
b)
Opening a form
c)
Staring an account
d)
Starting a form
2.
Debit balance of $100. Making an entry of a $50 credit. What's the new balance?
a)
Credit of $50
b)
Debit of $50
c)
Credit of $100
3.
Credit balance of $100. Credit entry of $100. What's the balance?
a)
0
b)
credit of 100
c)
credit of 200
4.
You are transferring information from the general debit column to the ledger to an account. If there is no entry in the form, what will the balance be?
a)
debit
b)
credit
5.
You are recording info in the ledger. You are posting a debit to an account that already has a debit balance. What do you do?
a)
add
b)
subtract
c)
just move the number
6.
You are recording info on an account form moving it from the journal to the ledger. The account has a debit balance and you are making a credit. What is the new balance?
a)
debit
b)
credit
7.
What is the post reference column on the account form used for?
a)
To record the date
b)
To record the page number
c)
To record the account number
d)
we don't use it
8.
What does the account number in the post reference column of the journal indicate
a)
The account's number
b)
That you have recorded the item in the ledger
c)
That you need to record in the ledger
d)
we don't use it
9.
What is the procedure for arranging accounts in a general ledger, assigning account numbers, and keeping records current
a)
general ledger
b)
file maintenance
c)
opening an account
d)
proving cash
10.
A group of accounts is called a
a)
journal
b)
ledger
c)
post
d)
entry
11.
Transferring information form a journal entry to a ledger account is called
a)
double entry accounting
b)
journalizing
c)
posting
d)
transaction entry
12.
A ledger that contains all accounts needed to prepare financial statements is called
a)
balance sheet ledger
b)
income statement ledger
c)
general ledger
d)
special items ledger
13.
Debit on the
a)
right
b)
left
14.
Credit on the
a)
left
b)
right
15.
The number assigned to an account is called
a)
account title
b)
chart of accounts
c)
asset
d)
account number
16.
This is a form recording transactions in chronological order.
a)
journal
b)
ledger
c)
income statement
d)
balance sheet
17.
The last step in the posting steps is to write the ledger account # in the post ref column in the journal (to show that posting is completed).
a)
True
b)
False
18.
The 100 accounts in the Chart of Accounts are liability accounts.
a)
True
b)
False
19.
A new account to be added between 530 and 540 would be assigned number 535.
a)
True
b)
False
20.
The two steps for opening an account are writing the account title and recording the balance.
a)
True
b)
False
21.
Writing the date is the first step in the posting procedure.
a)
True
b)
False
22.
Posting references in a journal are not necessary.
a)
True
b)
False
23.
The steps for posting are to write the date, journal page number, amount, and balance.
a)
True
b)
False
24.
The first digit in the account number 120 means that the account is in the ____division of the general ledger.
a)
expense
b)
revenue
c)
asset
d)
liability
25.
TechKnow Consulting arranges expense accounts in chronological order in its general ledger.
a)
True
b)
False
26.
TechKnow Consulting arranges expense accounts in chronological order in its general ledger.
a)
True
b)
False
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