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Accounting Chapter 3 Learning Objective 2

Quiz by Tracy Weber

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8 questions
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  • Q1
    An accountant wanting to know the balance of a particular account would refer to the
    source document.
    journal
    chart of accounts.
    ledger
    30s
  • Q2
    The process of subtotaling both sides of an account and recording the amount on that side is known as
    footing
    balancing the accounts.
    posting
    journalizing
    30s
  • Q3
    If the number of an account is 211, this probably means that the account is the first account in the
    Revenues section.
    Owner's Equity section.
    Liabilities section.
    Assets section
    30s
  • Q4
    When an entry is posted, the last step in the process is
    placing 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
  • Q5
    The first step in the posting process is recording the
    date in the ledger account.
    journal page number in the ledger account.
    debit account and amount.
    ledger account number in the journal.
    30s
  • Q6
    Which 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
  • Q7
    The ____________ is a book or file containing the activity by accounts of a business.
    income statement
    general ledger
    journal
    trial balance
    30s
  • Q8
    Posting involves
    transferring 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

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