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Worksheets4th Quarter Summative Test
Total questions: 40
Worksheet time: 22mins
What is the account credited? Borrowed cash on accounts.
accounts payable
cash
notes payable
supplies
What is the account credited? Paid liability on account.
accounts payable
cash
notes payable
supplies
What is the account debited? Paid liability on note.
accounts payable
cash
notes payable
supplies
What is the account credited? Paid liability on account.
accounts payable
cash
notes payable
supplies
What happens to account payable when liability is paid?
decreases
no effect
increases
none of the above
What happens to cash when liability is paid?
decreases
increases
no effect
none of the above
Where does accounts payable is recorded when it decreases?
credit side
debit side
both A and B
none of the above
Where does notes payable is recorded when it decreases?
credit side
debit side
both A and B
none of the above
Where does cash account is recorded when the liability is paid?
credit side
debit side
both debit and credit
none of the above
Where does cash account is recorded when payment is received?
credit side
debit side
both debit and credit
none of the above
What happens to account receivable when payment is received from a customer?
decreases
increases
no effect
none of the above
What does it mean when Cash account is debited?
decreases
increases
no effect
none of the above
What type of account is account receivable?
asset
equity
expense
liability
Which type of account is notes receivable?
asset
equity
expense
liability
Which of the following defines compound entry?
It involves only one account.
It involves two account.
It involves two or more debit or credit entries
It involves one credit & 1 debit entry.
Which of the following tells true about compound entry?
If you have more than one debit and only one credit, the sum of your debits must not equal the credit.
If you have more than one debit and only one credit, the sum of your debits must equal the credit.
If you have more than one debit and only one credit, the sum of your debits must more than the credit.
None of these
Which of the following is a compound entry?
Debit Account Receivable, Supplies – Credit Cash
Debit Cash - Credit Account Receivable
Debit Cash – Credit Capital
Debit Inventory – Credit Account Payable
Which of the following is not a compound entry?
A. Debit Account Receivable, Supplies – Credit Cash
Debit Electric Bill - Credit Cash
Debit Building, Cash – Credit Capital
Debit Computer Set, Furniture & Fixtures – Credit Cash
Which of the following is a book containing accounts in which the classified and
summarized information from the journals is posted as debits and credits?
Chart of Account
Journal
Ledger
None of these
Which of the following is true about ledger?
It is also called the first book of entry.
It is also called the fourth book of entry.
It is also called the second book of entry.
It is also called the third book of entry.
Which of the following is the first step in posting to a ledger?
From the journal, transfer to the ledger the following: date, amount, accounts
and explanation. From the journal, post debit accounts on the debit side
of the ledger and credit accounts on the credit side of the ledger
Locate the corresponding account involved in the ledger.
Place in the folio column of the journal page number of the ledger on which the
information was posted
Place the page number of the journal from which the information was taken to
then folio column of the ledger.
What are the accounts involved in a ledger?
A. It includes accounts for assets, liabilities, and expenses.
It includes accounts for assets, liabilities, owners’ equity, revenues and
expenses.
It includes accounts for assets, owners’ equity, revenues and expense
It includes accounts for assets, revenues and expenses.
Which of the following identifies the page number of general journal from
which the transaction was taken.
AR
CR
DR
PR
Which of the following describes the nature of transaction in which the
account is involved?
Account Name
Date
Account Number
Item
Which of the following identifies when the transaction happens?
Account Name
Date
Account Number
Item
Which of the following is the name of the account?
Account Name
Date
Account Number
Item
Which of the following is assigned to each account title used to facilitate
the recording and cross-referencing.?
Account Name
Date
Account Number
Item
Which of the following are used for recording the amount of transaction
from the general journal. Peso sign and decimal point are ignored.?
Account Column
Business Column
Transaction Columns
Value Columns
What is transferring of information from general journal to ledger?
encoding
posting
recording
writing
Which of the following summarizes transactions by account?
book
journal
journalizing
ledger
Which of the following records transactions in chronological order?
book
journal
journalizing
ledger
Which of the following is usually contains a separate form for each account or
constitutes a group of accounts?
book
journal
journalizing
ledger
Which item is NOT true about the ledger?
It contains page number
It contains debit and credit account
It has no date column
It summarizes transactions by account
What is the placing of the account number of the ledger account in the general
journal and the general journal page number in the ledger account?
Cross accounting
Cross indexing or referencing
Cross journaling
Cross posting
Which of the following is one of the purposes of a ledger?
It analyzes the income & expense of the business
It indicates completion of the posting process.
It indicates the profit and loss.
It interprets the stability of the business
Which is true about this statement “It facilitates tracing of entries from the journal
to the ledger”?
One of the purposes of a journal
One of the purposes of a journaling
One of the purposes of a journalizing
One of the purposes of a ledger
What is the process of vertically adding a money column.
Adding
Footing
Posting
Writing
It shows the list of accounts with debit and credit balances to determine if the
totals are balance.
balance sheet
income statement
ledger
trial balance
It means each side of the account is totaled.
accounted
footed
summation
none of the above
This symbol is draw under the totals when the total of debit equals to total of
credit.
double circles
double slash
double commas
double lines
