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WorksheetsREVIEW questions
Total questions: 40
Worksheet time: 20mins
A schedule that contains all accounts needed to prepare financial statements
General Journal
General Ledger
All Sales Invoices
Source Documents
Transferring information from a journal entry to a ledger account (p. 98)
journaling
posting
file maintenance
correcting entry
What is a General Ledger?
A ledger that contains all accounts needed to prepare financial statements.
Bookkeeping
The number that is assigned to an account
A group of accounts
What is Posting?
A journal entry was made to correct an error in the ledger
Transferring information from a journal entry to a ledger account.
Not a process in Accounting
Either is Correct
How do you prove cash?
Analyzing into debit and credit parts
A journal entry made to correct an error in the ledger.
Determining that the amount of cash agrees with the balance of the cash account in the Cash general ledger account.
Transferring information from a journal entry to a ledger account.
What is the definition of an Account Number?
Writing an account title and number on the heading of an account.
Transferring information from a journal entry to a ledger account.
Determining that the amount of cash agrees with the accounting records.
The number assigned to an account.
What is the normal balance for the owners equity account?
What is the normal balance for the Supplies account?
What is the normal balance for the drawing account?
When numbering the categories on a Chart of Accounts, what do we use for revenue?
100
200
300
400
500
When numbering the categories on a Chart of Accounts, what do we use for Owner's Equity?
100
200
300
400
500
When numbering the categories on a Chart of Accounts, what do we use for Expenses
100
200
300
400
500
When numbering the categories on a Chart of Accounts, what do we use for Liabilities
100
200
300
400
500
Which asset account should be listed first because it is the most frequently used account?
Cash
Accounts Reeceivable
Supplies
Prepaid Insurance
Which of the following accounts should be listed first in the Expenses section?
Miscellaneous Expense
Rent Expense
Advertising Expense
Utilities Expense
If you need to add a new account to an existing chart of accounts between account numbers 510 and 520 you should use....
511
515
519
525
When all closing entries have been posted, a net income will be shown on the:
credit side of the Drawings account
debit side of the Capital account
credit side of the Capital account
debit side of the Drawings account
The owner invests personal CASH in business.
The sales account is closed into...
Capital
Expenses
Income Summary
Revenue
The advertising expense account is closed into...
Capital
Expenses
Income Summary
Revenue
The income summary account is closed into...
Capital
Expenses
Income Summary
Revenue
The drawing account is closed into...
Capital
Expenses
Income Summary
Revenue
Which account is a permanent account?
Mr. Robinson, Drawing
Sales
Supplies
Utilities Expense
Which of these would show on the post-closing trial balance? (select all that apply)
Cash
Prepaid Insurance
Sales
Supplies Expense
Which of these is the FIRST step in the accounting cycle?
Adjusting entries
Analyze source documents
Journalize
Post
Which of these is the LAST step in the accounting cycle?
Adjusting entries
Closing entries
Financial statements
Post-closing trial balance
Journal records the transactions of the form in a.....
Periodical manner
Chronological order
Summarised manner
Systematic order
After transaction information has been recorded in the journal, it is transferred to the
trial balance.
income statement.
book of original entry.
ledger.
The purchase journal is
used only to record credit purchases
used only to record cash purchases
used to record all purchases
all of the above
A trial balance is a listing of
transactions in a journal.
the chart of accounts.
general ledger accounts and balances.
the totals from the journal pages.
