Accounting 1 Chapter 11

A general ledger sorts and summarizes all information affecting: a) Income statement and balance sheets b) Accounts receivable and payable accounts

Income statement and balance sheets

Daily general ledger account balances are: a) Usually not necessary b) Needed if the dollar amounts are large

Usually not necessary

An account in a general ledger that summarizes all accounts in a subsidiary ledger is a) an expense account b) a controlling account c) a capital account d) none of these

a controlling account

A subsidiary ledger containing only accounts for vendors from whom items are purchased or brought on account

accounts payable ledger

A subsidiary ledger containing only accounts for charge customers

accounts receivable ledger

A schedule of accounts payable is prepared: a) Before all journals entries are posted b) After all journal entries are posted

After all journal entries are posted

When opening a new page in the accounts receivable ledger a) The item column is left blank b) Balance is written in the item column

Balance is written in the item column

The accounts receivable ledger contains only accounts of: a) Cash Customers b) Charge Customers

Charge Customers

The separate amounts in the Accounts Receivable Debit column of a sales journal are a) Posted individually to the general ledger b) Posted to the general ledger only as part of the column total

Posted to the general ledger only as part of the column total

A listing of customer accounts, account balances, and total amount due from all a customers.

Schedule of accounts receivable

An error in posting may cause a) income to be overstated on the income statement b) a business to pay too much to a vendor c) cash on hand to be less than the balance in the cash account d) all of these

all of these

An account in a general ledger that summarizes all accounts in a subsidiary ledger.

controlling account

A check mark in parentheses below the General Debit column of a journal indicates that the total a) has been posted b) will be posted later c) is not posted d) none of these

is not posted

Journal entries are sorted and summarized by transferring information to a) accounts payable ledger accounts b) accounts receivable ledger accounts c) ledger accounts d) all of these

ledger accounts

The Accounts Receivable Debit column total of the sales journal is a) posted monthly to a customer account b) posted to the general ledger controlling account at the end of each month c) not posted d) posted often

posted to the general ledger controlling account at the end of each month

A listing of vendor accounts, account balances, and total amount due all vendors is a a) schedule of accounts receivable b) schedule of accounts payable c) trial balance d) cash proof

schedule of accounts payable

A listing of vendor accounts, account balances, and total amounts due all vendors

schedule of accounts payable

A ledger that is summarized in a single general ledger

subsidiary ledger

The total number of accounts receivable should equal a) the accounts receivable account balance in the general ledger b) the cash account c) the debit and credit proof d) none of these

the accounts receivable account balance in the general ledger

When a debit is posted to the accounts payable ledger, a) the debit amount is written in the Debit column of the account b) the cash account increases c) the controlling account is increased by the entry d) all of these

the debit amount is written in the Debit column of the account

When a credit is posted to the accounts payable ledger, a) the previous balance is added to the new amount posted in the Credit column b) the source document number and page number of the journal are written in the Post. Ref column of the account c) the credit amount is written in the Debit column of the account d) balance is written in the Item column

the previous balance is added to the new amount posted in the Credit column