Which of the following is true? Select one: a. The ledger account form maintains a running...
Which of the following is true?
Select one:
a. The ledger account form maintains a running balance of the account.
b. When recording business transactions, it is not important that one use the exact account titles as listed in the chart of accounts.
c. The process of transferring information from the journal to the ledger is called journalizing.
d. All of the answers listed are correct
Homework Answers
Option (a) is correct
The ledger account form maintains a running balance of the account.
Option (b) is incorrect as when recording business transactions, it is important that one use the exact account titles as listed in the chart of accounts.
Option (c) is incorrect as the process of transferring information from the journal to the ledger is called posting.
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Which of the following is true?
Select one:
a. The ledger account form maintains a running...
Recording materials transactions. Farnsworth Fabricators, Inc. maintains the following accounts in its general ledger: Materials ...
Recording materials transactions. Farnsworth Fabricators, Inc. maintains the following accounts in its general ledger: Materials Work in Process Factory Overhead Accounts Payable Cash The materials account had a debit balance of $75,000 and the cash account had a debit balance of $100,000 on September 1. A summary of materials transactions for September shows: a. Materials purchased on account, $125,500 b. Direct materials issued, $90,900 c. Direct materials returned to storeroom, $3,750 d. Indirect materials issued, $4,850 e. Indirect materials...
Which of the following is true concerning posting? Select one: a. The date of the transaction...
Which of the following is true concerning posting? Select one: a. The date of the transaction should be written in the account’s Date column. b. The page number of the journal should be written in the Post. Ref. column of the ledger account. c. The amount of the transaction should be recorded in either the debit or credit column. d. The ledger account number should be recorded in the Post. Ref. column of the journal. e. All of the answers...
Ма E2.2 (LO 1, 2, 3, 4) K Here are some of the concepts discussed in...
Ма E2.2 (LO 1, 2, 3, 4) K Here are some of the concepts discussed in the chapter: 5. Debit 9. Posting 1. Account 6. Journal 10. Trial balance 2. Analyzing transactions 3. Chart of accounts 7. Journalizing 4. Credit 8. Ledger Instructions Match each concept with the best description below. Each concept may be used more than once, or may not be used at all. The normal balance for liabilities The first step in the recording process The procedure...
Which of the following is true of the chart of accounts ? Question 14 Not yet...
Which of the following is true of the chart of accounts
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Question 14 Not yet answered Marked out of 1.00 P Flag question Which of the following is true of a chart of accounts? Select one: A. The first accounts listed are the revenue accounts B. It shows the account title and numerical code of all general ledger accounts C. It is the same thing as a trial balance D. It lists accounts in alphabetical order Previous B Save...
The following account appears in the ledger prior to recognizing the jobs completed in August: Work...
The following account appears in the ledger prior to recognizing the jobs completed in August: Work in Process Balance, August 1 $ 60,000 Direct materials 325,000 Direct labor 462,000 Factory overhead 210,000 Jobs finished during August are summarized as follows: Job 210 $197,800 Job 216 240,000 Job 224 160,000 Job 230 364,000 Required: A. Journalize the entry on Aug. 31 to record the jobs completed. Refer to the Chart of Accounts for exact wording of account titles. B. Determine the...
QUESTION 3 The ledger (T-accounts) keeps track of the balance in each account. True False QUESTION...
QUESTION 3 The ledger (T-accounts) keeps track of the balance in each account. True False QUESTION 4 The process of putting transactions into the books begins with the ledger (T-accounts). True False QUESTION 5 The income statement is a product of accounting and has a timeframe of over a period of time. True False Click Save and Submit to save and submit. Click Save All Answers to save all answers. QUESTION 1 Credit sales are a transaction. True False QUESTION...
Question 1 A chart of accounts is used in organizations to process transactions to the ledger....
Question 1 A chart of accounts is used in organizations to process transactions to the ledger. ensure consistency in recording transactions quicker, since a chart of accounts is essentially shorthand of accounts. verify correct amounts before being transferred to the trial balance. alphabetize accounts so that when accountants prepare financial statements the accounts can be quickly transferred. encrypt the general journal so that no other organization can read any other organization's journal. 1 points Question 2 The entry to close...
The general ledger account representing the subsidiary ledger is known as a control account because: Select...
The general ledger account representing the subsidiary ledger is known as a control account because: Select one: a. Inclusion of both control accounts and subsidiary ledger accounts in the general ledger improves control b. the accuracy of the detailed accounts in the subsidiary ledger can be checked against the aggregate data and the balance contained in it c. both of the above are correct d. none of the above are correct
tlons: Match each of the statements below with its proper terms may not be used Some...
tlons: Match each of the statements below with its proper terms may not be used Some A. account B. assets C. balance of the account D. chart of accounts E. credits F. debits G. double-entry accounting H. drawing O. liabilities P. materiality concept Q. objectivity concept R. owner's equity S. posting T. revenues U. slide V. T account W. transposition X. trial balance J. horizontal analysis K. journal L. journal entry M. jounalizing Y. two-column journal Z uneaned revenue AA....
Instruction Chart of Accounts General Journal Instruction The following errors took place in journalizing and posting...
Instruction Chart of Accounts General Journal Instruction The following errors took place in journalizing and posting transactions: a. Dividends of $5,000 were recorded as a debit to Office Expense and a credit to Cash. b. Accounts receivable payment for $7,800 was recorded as a debit to Cash and a credit to Fees Eamed. Required: Journalize the entries to correct the errors. Refer to the Chart of Accounts for exact wording of account titles. Previous
Ма E2.2 (LO 1, 2, 3, 4) K Here are some of the concepts discussed in the chapter: 5. Debit 9. Posting 1. Account 6. Journal 10. Trial balance 2. Analyzing transactions 3. Chart of accounts 7. Journalizing 4. Credit 8. Ledger Instructions Match each concept with the best description below. Each concept may be used more than once, or may not be used at all. The normal balance for liabilities The first step in the recording process The procedure...
Which of the following is true of the chart of accounts
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Question 14 Not yet answered Marked out of 1.00 P Flag question Which of the following is true of a chart of accounts? Select one: A. The first accounts listed are the revenue accounts B. It shows the account title and numerical code of all general ledger accounts C. It is the same thing as a trial balance D. It lists accounts in alphabetical order Previous B Save...
QUESTION 3 The ledger (T-accounts) keeps track of the balance in each account. True False QUESTION 4 The process of putting transactions into the books begins with the ledger (T-accounts). True False QUESTION 5 The income statement is a product of accounting and has a timeframe of over a period of time. True False Click Save and Submit to save and submit. Click Save All Answers to save all answers. QUESTION 1 Credit sales are a transaction. True False QUESTION...
The general ledger account representing the subsidiary ledger is known as a control account because: Select one: a. Inclusion of both control accounts and subsidiary ledger accounts in the general ledger improves control b. the accuracy of the detailed accounts in the subsidiary ledger can be checked against the aggregate data and the balance contained in it c. both of the above are correct d. none of the above are correct
tlons: Match each of the statements below with its proper terms may not be used Some A. account B. assets C. balance of the account D. chart of accounts E. credits F. debits G. double-entry accounting H. drawing O. liabilities P. materiality concept Q. objectivity concept R. owner's equity S. posting T. revenues U. slide V. T account W. transposition X. trial balance J. horizontal analysis K. journal L. journal entry M. jounalizing Y. two-column journal Z uneaned revenue AA....
Instruction Chart of Accounts General Journal Instruction The following errors took place in journalizing and posting transactions: a. Dividends of $5,000 were recorded as a debit to Office Expense and a credit to Cash. b. Accounts receivable payment for $7,800 was recorded as a debit to Cash and a credit to Fees Eamed. Required: Journalize the entries to correct the errors. Refer to the Chart of Accounts for exact wording of account titles. Previous
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