Ch 4 Quiz
Which of the following is NOT included within a column of the balance ledger form?
Account number. Which of the following is included within a column of the balance ledger form? - Description - Posting reference - Date
A firm recorded the receipt of cash on account from a creditor as a debit to Cash and a credit to Accounts Payable. The error was discovered after the data posted. What's the correct entry?
Dr Accounts Payable Cr Accounts Receivable
The journal entry to record the payment of cash on account to a creditor should include a:
Dr Accounts Payable Cr Cash
The journal entry to record the payment of a bill for advertising expense would include a:
Dr Advertising Expense Cr Cash
The journal entry to record the receipt of cash from clients on account would include a:
Dr Cash Cr Accounts Receivable
The journal entry to record a payment made in January for rent for the months of Feb and March would include a:
Dr Prepaid Rent Cr Cash
The journal entry to record the withdrawal of cash by Sue Snow, the owner, to pay a personal utility bill would include a:
Dr Sue Snow, Drawing Cr Cash
Which of the following statements about a journal entry is INaccurate?
The debited accounts are indented. Accurate statements about a journal entry: - The description is listed on the final line. - The credited account(s) are listed after the debited account(s). - It is possible for all accounts in a journal entry to increase.
Which of the following statements regarding a compound entry is accurate?
The total value of the debits within a compound entry must equal the total value of the credits.
Which of the following is NOT made possible through the use of the audit trail?
analyze results Which of the following is MADE possible through the use of the audit trail? - trace info - locate errors - prevent fraud
The process of transferring data from the journal to the ledger is known as:
posting
The Posting Reference column of a journal is used to:
record the number of the ledger account to which the info is posted.