
Accounting Chapter 3 Learning Objective 2
Quiz by Tracy Weber
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8 questions
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- Q1An accountant wanting to know the balance of a particular account would refer to thesource document.journalchart of accounts.ledger30s
- Q2The process of subtotaling both sides of an account and recording the amount on that side is known asfootingbalancing the accounts.postingjournalizing30s
- Q3If the number of an account is 211, this probably means that the account is the first account in theRevenues section.Owner's Equity section.Liabilities section.Assets section30s
- Q4When an entry is posted, the last step in the process isplacing the journal page number in the Post. Ref. column of the ledger.placing the account number in the Post. Ref. column of the journal.placing the balance of the account in either the debit or credit column in the ledger.placing the account number in the Post. Ref. column of the ledger.30s
- Q5The first step in the posting process is recording thedate in the ledger account.journal page number in the ledger account.debit account and amount.ledger account number in the journal.30s
- Q6Which of the following is true?The process of transferring information from the journal to the ledger is called journalizing.The ledger account form maintains a running balance of the account.All of the answers listed are correct.When recording business transactions, it is not important that one use the exact account titles as listed in the chart of accounts.30s
- Q7The ____________ is a book or file containing the activity by accounts of a business.income statementgeneral ledgerjournaltrial balance30s
- Q8Posting involvestransferring information from the ledger to the balance sheet.transferring information from the income statement to the statement of owner’s equity.transferring information from the journal to the ledger.transferring information from ledger to the journal.30s