loader  Loading... Please wait...

Question(s) / Instruction(s):

78. A journal provides a. the balances for each account. b. information about a transaction in several different places. c. a list of all accounts used in the business. d. a chronological record of transactions.

79. When three or more accounts are required in one journal entry, the entry is referred to as a a. compound entry. b. triple entry. c. multiple entry. d. simple entry.

80. When two accounts are required in one journal entry, the entry is referred to as a a. balanced entry. b. simple entry. c. posting. d. nominal entry.

81. Another name for journal is a. listing. b. book of original entry. c. book of accounts. d. book of source documents.

82. The standard format of a journal would not include a. a reference column. b. an account title column. c. a T-account. d. a date column.

83. Transactions in a journal are initially recorded in a. account number order. b. dollar amount order. c. alphabetical order. d. chronological order.

84. A journal is not useful for a. disclosing in one place the complete effect of a transaction. b. preparing financial statements. c. providing a record of transactions. d. locating and preventing errors. 85. A complete journal entry does not show a. the date of the transaction. b. the new balance in the accounts affected by the transaction. c. a brief explanation of the transaction. d. the accounts and amounts to be debited and credited.

86. The name given to entering transaction data in the journal is a. chronicling. b. listing. c. posting. d. journalizing.

87. The standard form of a journal entry has the a. debit account entered first and indented. b. credit account entered first and indented. c. debit account entered first at the extreme left margin. d. credit account entered first at the extreme left margin.

88. When journalizing, the reference column is a. left blank. b. used to reference the source document. c. used to reference the journal page. d. used to reference the financial statements.

89. On June 1, 2002 Diane Leno buys a copier machine for her business and finances this purchase with cash and a note. When journalizing this transaction, she will a. use two journal entries. b. make a compound entry. c. make a simple entry. d. list the credit entries first, which is proper form for this type of transaction.

90. Which of the following journal entries is recorded correctly and in the standard format? a. Wages Expense 400 Cash 1,000 Advertising Expense . 600

b. Wages Expense . 400 Advertising Expense . 600 Cash 1,000

c. Cash 1,000 Wages Expense 400 Advertising Expense 600

d. Wages Expense 400 Advertising Expense 600 Cash . 1,000

91. An accounting record of the balances of all assets, liabilities, and owner's equity accounts is called a a. compound entry. b. general journal. c. general ledger. d. chart of accounts. 92. The usual ordering of accounts in the general ledger is a. assets, liabilities, owner's capital, drawings, revenues, and expenses. b. assets, liabilities, drawings, owner's capital, expenses, and revenues. c. liabilities, assets, owner's capital, revenues, expenses, and drawings. d. owner’s capital, assets, liabilities, drawings, expenses, and revenues.

93. Management could determine the amounts due from customers by examining which ledger account? a. Service Revenue b. Accounts Payable c. Accounts Receivable d. Supplies

94. The ledger accounts should be arranged in a. chronological order. b. alphabetical order. c. financial statement order. d. order of appearance in the journal.

95. A three column form of account is so named because it has columns for a. debit, credit, and account name. b. debit, credit, and reference. c. debit, credit, and balance. d. debit, credit, and date.

96. The procedure of transferring journal entries to the ledger accounts is called a. journalizing. b. analyzing. c. reporting. d. posting.

97. A number in the reference column in a general journal indicates a. that the entry has been posted to a particular account. b. the page number of the journal. c. the dollar amount of the transaction. d. the date of the transaction.

Find Similar Answers by Subject

Student Reviews

Rate and review your solution! (Please rate on a Scale of 1 - 5. Top Rating is 5.)

Expert's Answer
Download Solution:

This solution includes:

  • Plain text
  • Cited sources when necessary
  • Attached file(s)
  • Solution Document(s)

Reach Us