WorksheetsAccounting Chapter 7 test
Total questions: 25
Worksheet time: 13mins
Which one of the following is a permanent record organized by account numbers?
source documents
General Journal
General Ledger
trial balance
The process of transferring information from the General Journal to the General Ledger is known as
journalizing
analyzing
proofing
posting
Which of the following is used as a method of proving that the total debits equal the total credits after posting?
General Journal
General Ledger
Trial Balance
Account Summary
In which of the following can an accountant find accounts and their balances?
General Journal
General Ledger
Trial Balance
Summary of Accounts
Which one of the following is also called book of final entry?
General Journal
General Ledger
Trial Balance
Summary of Accounts
Indicate how accountants know that an account has a zero balance.
The General Ledger creates a record of the business transactions on each account.
True
False
The General Journal provides up-to-date balances for each account in a business.
True
False
Ledger account forms are specialized stationery used to enter transactions into an account.
True
False
When the existing account balance is a debit and the amount posted is a debit, subtract the amounts.
True
False
The existing balance of an account is a credit and a credit amount is posted we need to add both.
True
False
The fifth step in the accounting cycle is the Trial Balance.
True
False
To find out if the posting was done correctly the total of all the debit amounts and the total of all the credit amounts
must be equal.
must be different.
If the totals of all the debits equal the totals of all the credits, the trial balance is
not in balance.
in balance.
A list of all the accounts with the posted final balances are entered in the
General Journal
General Ledger
Trial Balance
Summary of Accounts
When $467 is written as $476, the error is called
slide error
transposition error
When $5,000 is written as $500 the error is called
slide error
transposition error
To correct an error in accounting we
post the entry in the ledger the same as any other entry.
erase it and enter the correct amount.
use liquid to make the correction.
leave it alone.
Every transaction posting requires the year, month, and day to be entered in the Date column of the ledger account.
True
False
Every transaction requires posting of two accounts into the ledger.
True
False
The posting of every transaction should reflect the date the transaction occurred not the date it is posted.
True
False
When the total of the debits do not equal the total of the credits, subtract the two and divide the total by
2
9
If the business received more cash than it paid out, where should the totals of the cash in bank be?
only on the debit side.
only on the credit side.
If Accounts Receivable has a debit balance of $500 and you post a credit entry of $200, what would be the correct balance of this account?
$700
$300
If the Accounts Payable account has a balance of $1,000 and you posted a debit entry of $1,000, what would be the balance?
$1,000
$2,000
zero
