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WorksheetsAccounting Chapter 7
Total questions: 20
Worksheet time: 10mins
Opening an account in a ledger involves writing the account title and the account number on the account form.
True
False
Every posting requires the year, month, and day to be entered in the Date column of the ledger account for every transaction.
True
False
Every amount posted will either increase or decrease the balance of a ledger account.
True
False
The notation “G3 or J3” in the Posting Reference column of a ledger account indicates the data was posted from general journal page 3.
True
False
A credit posting to the Office Equipment account will result in an increase to that account.
True
False
An error in posting may cause:
income to be overstated or understate in the income statement
a business to pay too much to a vendor
cash on hand to be less than the balance in the cash amount
all of the answers are correct
When preparing a trial balance, which of the following would not be considered a procedure?
check to see if both columns are equal
double rule (line) both columns
write the general ledger account names in the work sheet account name column
all of these are correct procedures
What is the purpose of a trial balance?
to prove the cash in bank account has the correct balance
to correct any errors in the general journal
to prove the ledger debit and credit balance are equal
to prove that amounts were correctly posted from the journal
When the beginning a new page for a General Ledger account, placing a check mark in the Post. Ref column indicates that
you verified the balance is correct
the amount entered is not being posted from a journal
you verified all the lines from the previous page were filled
that the account is ready to be posted
When posting in the general ledger, the balance of the account should always be on what side?
credit
debit
normal balance side
both the debit and credit depending on balance (negative or positive)
Which of the following is NOT included on the heading for the Trial Balance sheet?
account number
company name
words "Trial Balance"
date
If you were to write $190 as either $19 or $1,900, this mistake would be called a(n)_______.
correcting entry
slide error
posting
transposition error
Errors discovered after posting has taken place require a(n) ____.
ledger
general ledger
correcting entry
posting
Transferring data from the journal to the ledger is called _______.
posting
ledger
ledger account form
correcting entry
A periodic report prepared by a business to test the equality of total debits and total credits in the ledger is called a(n) _____.
ledger
posting
proving the ledger
trial balance
If you meant to write $27 but wrote $72, this mistake is called a(n)____.
slide error
transposition error
Whether accounts are kept manually in a special file or electronically on magnetic disks or tapes, the ledger is often called a(n)____.
general ledger
ledger
posting
proving the ledger
The accounting stationery used to record financial information about specific accounts is a(n) _______.
posting
ledger account form
ledger
general ledger
Adding all the debit balances and all the credit balances and then comparing the two totals to see whether they are equal is called ________.
ledger
proving the ledger
ledger account form
posting
The accounts used by a business can be kept on pages or cards, which are kept together in a book or file called a(n)______.
general ledger
ledger
posting
ledger account form
