General Ledger Questions

On the General Journal tab, the dropdown menu, if available, lists the accounts in alphabetical order.

False

Journal entries are recorded on which tab?

General journal

As soon as you click "Record Entry," which tabs are immediately updated?

The General Ledger and Trial Balance tabs are both updated

Financial statements must be properly formatted, to include a description of all subtotals.

True

In some general ledger questions, the financial statements will be generated automatically.

True

The first four tabs will always be the same: Requirements, General Journal, General Ledger and Trial Balance.

True

When preparing a journal entry, the credits must be listed before the debits.

False

When you have completed a journal entry and want to advance to the next journal entry within the problem, you click on "________."

Record entry

In some general ledger questions, the financial statements need to be constructed by selecting the accounts and account elements that belong on the statement.

True

The format of the final analysis tab will differ from chapter to chapter and sometimes within a chapter. Group starts

True

The requirements tab describes the purpose and input requirements for each tab. T or F

True

When preparing journal entries, the account titles are selected using either the dropdown menu (if available) or by keying in the account titles.

True

You click on "View Transaction List" and item 1 is listed with a green box. What does this indicate?

Question one has been recorded

In reviewing the General Ledger tab, you notice that the ending Cash balance is listed in parentheses. What does this indicate?

Cash has an abnormal ending balance. Chances are you have an incorrect journal entry.

General Ledger questions contain multiple tabs. T or F

True

If a transaction does not require a journal entry, you must ________.

Select "No journal entry required" from the dropdown menu

By clicking on any account value, you can drill backwards from the financial statements, to the trial balance, to the ledger, and back to the original entry.

True