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WorksheetsBKP-CORPO
Total questions: 20
Worksheet time: 10mins
Which of the following statements is CORRECT relative to posting with the use of special journals?
No subsidiary ledger posting is necessary.
The general ledger posting has to be ahead of subsidiary ledger posting.
The general ledger posting has to coincide with the subsidiary ledger posting.
The subsidiary ledger posting has to be ahead of general ledger posting.
The general ledger, often called simply as the ledger, is ______
A group of relative accounts
The book of original entry
The financial statements
The summarizing device
The following are the possible post-closing trial balance item except:
Accumulated Depreciation
Capital
Drawing
Accrued Percentage Tax
What is the primary benefit of using a cash disbursement journal?
To track all expense, regardless of payment method
To record only cash sales
To manage accounts receivable
To provide a detailed record of cash disbursements
Which statement is true regarding Cash DisbursemWhich Statement is true regarding the Cash Disbursement Journal?
Statement 1: In Cash Disbursement Journal, the recorded transactions are the company's revenues.
Stament 2: In Cash Disbursement Journal, the sources documents that are recorded are Check Voucher, Checks. Official Receipt (Own), Payment Slip, Payroll Summary.
Statement 3: In Cash Disbursement Journal, the recorded transactions are the company's expenses
Statement 1 and 2 are true
Statement 2 and 3 are true
Only statement 3 is correct
All of the statements are correct
When preparing the Financial Position or also known as Balance Sheet, the capital section under equity is needed to be ____
Updated figures from Statements of Changes in Equity
Use the figures indicated in the Workseet
Use the figures indicated in the General Journal
Updated figure or data in the Historical Data or Post-Closing Trial Balance
Every Adjusting Entry affects
Both a real and a nominal accounts
Neither real nor nominal accounts
Only nominal accounts
Only real accounts
In a partnership bookkeeping, Preparing of Adjusting Entries to General Journal 1 is the first thing to do before preparing ______.
Worksheet
Adjustments
Trial Balance
Income Statement
Which of the following statements is NOT CORRECT relative to cash collections?
Cash collections are deposited intact daily.
Cash collectors and other employees can borrow from the cash collections.
Cash counts with collections agents are conducted at irregular intervals.
Official receipts with number series are automatically issued once cash is received.
In the accounting process, financial statements must be prepared __________.
After preparing the post-closing trial balance.
After the adjusting and closing entries.
After the adjusting entries have been made.
Before the adjusting entries are made.
The first step in the bookkeeping process is ____.
Journalizing
Cutting of source documents
Entering beginning balances
Adjusting Entries
When recording a beginning balance transaction in the Accounts Receivable Subsidiary the date you should follow must be _______.
Every end of the month
Whatever the latest day of thr month
Every first day of the month
Whatever day is indicated in the receipt
Eywan Qouh wants to record a transaction balance using Invoice in the Revenue Journal, the data he should follow must be _______.
Every end of the month
Whatever the latest day of the month
Every first day of the month
Whatever day is indicated in the receipt
When recording an adjusting entries the data you should follow must be ______.
Every end of the month
Whatever the latest day of the month
Every first day of the month
Whatever day indicated in the receipt
After posting special journals to General Ledger, what would be the next step?
The opening balances are entered before posting current transaction entries
Go to General Journal 1 and make adjusting entries
Make an Accounts Receivable Subsidiary Ledger
Proceed to Worksheet
After completing the Worksheet, the Trial Balance, Adjustments, Income Statement and Balance Sheet, what comes next?
Posting Closing Trial Balance
General Journal 2 – Closing Entries
Preparation of Financial Reports
Zero out all balances in General Ledger
The last step in Accounting cycle is to _____.
Post Closing Trial Balance
Closing Entries
Zero out all Nominal Accounts
Reversing Entries
The Temporary accounts are follows except;
Assets
Revenue
Equity
Liabilities
When recording a transaction to Cash Disbursent Journal and the account title falls under sundry account, what particular posting reference (PR) will you use?
Date of the transaction
Type of receipt used
Account Number
CDJ
During the recording process of bookkeeping, under the Cash Disbursement Journal, it is necessary to note and remember that if the decrease in account exceed the account, then _____.
The results is still positive, debit with peso sign inside the parenthesis
The result is negative, credit with peso sign insidr the parenthesis
The result is negative, debit with peso sign outsidr the parenthesis
The result is still postive, credit with peso sign outside the parenthesis
