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WorksheetsABM 10 Summative Test Q3
Total questions: 32
Worksheet time: 1hrs 13mins
The column in which the journal page where the original entry for the transaction can be located.
Journalizing Reference
Ledger reference
Reference
Posting Reference
A form of ledger containing individual columns for the debit, credit and the balance.
One-column Ledger
Two-column Ledger
Three-Column Ledger
Four-Column Ledger
The error caused by interchanging digits in a figure
Error of Omission
Slide
swing
Transposition Error
File that contains all or groups of the company’s accounts, arranged in the order of the chart of accounts.
Book of Original Entry
General Journal
Ledger
Worksheet
The process of transferring journal entry information from the journal to the ledger.
Balancing
Footing
Journalizing
Posting
The journal entry that is prepared to put right a previously made entry.
Adjusting Entry
Compound Journal Entry
Correcting Entry
Simple Journal Entry
Posting
Is an optional step in the classifying process.
Normally occurs before journalizing
Transfers journal entries to ledger accounts
Transfers ledger transaction date to the journal
A trial balance
Is a list of accounts with their balance at a given time
Proves that all transactions have been recorded
Proves the mathematical accuracy of journalized transactions.
Will not balance if a correct journal entry is posted twice
A Trial balance will not balance if
A correct journal entry is posted twice
A P10,500 payment on account is debited to Accounts Payable to P1,050 and credited to cash for P1,050.
A P2,000 cash withdrawal by the owner is debited to Owner’s Drawing for P20,000 and credited to cash for P2,000
The purchase of supplies on account is debited to Supplies and credited to Cash
The left side of an account.
Account Name
Balance
Credit
Debit
A list of all accounts and their account numbers in the ledger.
Account Listing
Account Number
Chart of Accounts
Trial Balance
The usual balance of an account which is the side (debit or credit) that increase the account.
Abnormal Balance
Addition by Position
Normal Balance
Subtraction by Position
A written device that supports each business transactions.
Cheque
Promissory Note
Receipt
Source Documents
A journal entry where three or more accounts are used.
Adjusting Journal Entry
Compound Journal entry
Correcting entry
Simple Journal Entry
The series of steps followed in the accounting system to measure business transactions and transform them into financial statements.
Accounting Cycle
Footing
Journalizing
Posting
Book of Original Entry
Book of Final Entry
General Journal
Ledger
Trial Balance
What phase of accounting do journals relate to in the accounting process?
Classifying
Interpreting
Recording
Summarizing
A simple journal entry
Consist of one debit only
Consists of one credit only
Consists of one debit and one credit only
Consist of neither a debit nor credit entry
Acts as a table of contents for the general ledger.
Account Name
Account Number
Chart of accounts
Table of Contents
The number on the right side of the account.
Account Number
Balance
Credit
Debit
Book in which transactions are recorded as they first occur.
Chart of Accounts
General Journal
Ledger
Trial Balance
A recorded transaction requiring one or more debit and one or more credit.
Adjusting journal entry
Compound journal Entry
Correcting journal entry
Simple Journal Entry
Common accounting form in the shape of the Capital letter T.
A-Account
C-Account
L-Account
T-Account
Placing an amount on the usual balance or normal side of an account.
Addition by Position
Debiting
Crediting
Subtraction by Position
The Posting Reference in the ledger contains
Account Number
Account Name
Page Name
Page Number
How much is the Total Debit?
306,735
321,735
362,735
445,185
How much is Star, Capital?
142,285
205,450
157,285
259,185
Cash is overstated by P14,000. How much should be Cash?
P 62,000
P 76,000
P 48,000
P 14,000
A P5,000 credit to capital was made instead of debit.
Deduct P 5,000 to Capital
Deduct P 10,000 to Capital
Add P 5,000 to Capital
Add P 10,000 to Capital
A collection from customer on account was recorded twice in Accounts Receivable P 2,000.
Deduct P 2,000 to Accounts Receivable
Deduct P 4,000 to Accounts Receivable
Add P 2,000 to Accounts Receivable
Add P 4,000 to Accounts Receivabel
Transportation Expense is understated by P3,895.
Deduct P 3,895 to Transportation Expense
Add P 3,895 to Transportation Expense
Add P 3,895 to Accounts Receivable
Deduct P 3,895 to Cash
Accounts Payable should be P40,895.
Deduct P 105 to Accounts Payable
Add P 105 to Accounts Payable
Add P 40,895 to Accounts Payable
Deduct P 40,895 to Accounts Payable
