Question 1

Source documents provide the input for the accounting process.

True
False

Answer

Correct Option: A

Question 2

Entering transactions in a journal is called posting.

True
False

Answer

Correct Option: B

Question 3

In some cases, erasures are better for corrections than the ruling method.

True
False

Answer

Correct Option: B

Question 4

All transactions must be posted before preparing a trial balance.

True
False

Answer

Correct Option: A

Question 5

Information about cash receipts can be obtained from check stubs and carbon copies of checks.

True
False

Answer

Correct Option: B

Question 6

If the owner of a company invested cash in a business enterprise, the transaction would include

debiting Capital and crediting Cash.
debiting Cash and crediting Revenue.
debiting Cash and crediting Capital.
debiting Revenue and crediting Cash.

Answer

Correct Option: C

Question 7

Service revenue received in cash is entered by

debiting Cash and crediting Service Revenue.
debiting Service Revenue and crediting Cash.
debiting Cash and crediting Accounts Payable.
debiting Accounts Payable and crediting Cash.

Answer

Correct Option: A

Question 8

The steps in the journalizing process include all of the following EXCEPT

enter the balance.
enter the debit.
enter the date.
enter the credit.

Answer

Correct Option: A

Question 9

The accounts in the chart of accounts are arranged in

alphabetical order.
numerical order.
chronological order.
the order they are created.

Answer

Correct Option: B

Question 10

Copies of sales tickets or sales invoices issued to customers/clients provide information about

sales of goods or services.
purchases of goods or services.
cash receipts.
cash payments.

Answer

Correct Option: A

Question 11

Journalizing does NOT include

debiting account(s) that are affected.
crediting account(s) that are affected.
posting the debits and credits to the accounts.
entering the date.

Answer

Correct Option: C

Question 12

Every entry in the journal should include all of the following EXCEPT

the title of each account affected.
the amounts.
a brief description.
the balance of the accounts affected.

Answer

Correct Option: D

Question 13

The Posting Reference column of the journal provides a cross-reference between the

ledger and accounts.
journal and ledger.
ledger and financial statements.
journal and financial statements.

Answer

Correct Option: B

Question 14

The Item column in the general ledger is used for

account titles.
the balance of the account.
a description of special entries.
footings.

Answer

Correct Option: C

Question 15

Posting from the journal to the ledger does NOT involve which of the following steps?

Enter the date of each transaction in the accounts.
Enter the amount of each transaction in the accounts.
Enter page of the journal that each transaction is posted.
Enter the description of the entry.

Answer

Correct Option: D

Question 16

Transaction to record payment of delivery equipment that was purchased on account would include

debiting Cash and crediting Accounts Receivable.
debiting Cash and crediting Accounts Payable.
debiting Accounts Payable and crediting Cash.
debiting Delivery Equipment and crediting Cash.

Answer

Correct Option: C

Question 17

A journal is commonly referred to as a(n)

ledger.
account.
cross-reference.
book of original entry.

Answer

Correct Option: D

Question 18

The month in the journal is recorded

with every transaction.
as the first entry on a page.
for the first and last transaction of the month.
for the last transaction of the month.

Answer

Correct Option: B

Question 19

Instead of T accounts, businesses are more likely to use a

chart of accounts.
balance sheet.
four-column account.
general journal.

Answer

Correct Option: C

Question 20

Corrections in accounts should NOT be

traceable
initialed.
ruled.
covered completely.

Answer

Correct Option: D

Question 21

Purchase invoices received from suppliers provide information about

cash receipts.
sales of goods.
purchases of goods or services.
cash payments.

Answer

Correct Option: D

Question 22

A chart of accounts does NOT include

assets
liabilities
owner's equity.
names of customers.

Answer

Correct Option: D

Question 23

To find an error, you should do all of the following EXCEPT

double-check every entry.
find the difference between debits and credits.
erase questionable entries.
retrace any math computations.

Answer

Correct Option: C

Question 24

If cash is paid for office rent, the transaction includes

debiting Rent Expense and crediting Cash.
debiting Rent Expense and crediting Accounts Payable.
debiting Rent Expense and crediting Capital.
debiting Cash and crediting Rent Expense.

Answer

Correct Option: A

Question 25

The flow of financial data through the accounting information system does NOT include

analyzing transactions.
journalizing and posting transactions.
preparing a trial balance.
paying an account payable.

Answer

Correct Option: D

Description: Journalizing and Posting Transactions Online Quiz
Number of Questions: 25
Created by: Varsha Mane
Tags: finance

Journalizing and Posting Transactions Online Quiz

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