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Accounting I-Semester Test 14-15(Part IV)

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1.
1 point
When posting a correcting entry, the phrase "correcting entry" is usually written in the Explanation column of the ledger account.
2.
1 point
If a transaction is journalized on the 8th and is posted on the 10th, the date entered in the Date column of the ledger account is the 10th.
3.
1 point
Opening an account in a ledger involves writing the account title and the account number on the account form.
4.
1 point
Every journal entry requires a posting to at least two ledger accounts.
5.
1 point
Errors discovered after posting has taken place require a(n) ____.
6.
1 point
If you were to write $190 as either $19 or $1,900, this mistake would be called a(n) ____.
7.
1 point
A work sheet is prepared at the end of each fiscal period.
8.
1 point
A credit posting to the Office Equipment account will result in an increase to that account.
9.
1 point
If you meant to write $27 but wrote $72, this mistake is called a(n) ____.
10.
1 point
To locate a trial balance error, the first step is to check the postings from the journal to the individual ledger accounts.
11.
1 point
Transferring data from the journal to the ledger is called ____.
12.
1 point
How often posting occurs depends on the size of the business, the number of transactions, and whether posting is done manually or electronically.
13.
1 point
Adding all the debit balances and all the credit balances and then comparing the two totals to see whether they are equal is called ____.
14.
1 point
Opening an account in a computerized accounting system is entirely different from opening an account in a manual system.
15.
1 point
The easiest way to post is from left to right in a ledger account because there is less chance of omitting data.
16.
1 point
The accounts used by a business can be kept on pages or cards, which are kept together in a book or file called a(n) ____.
17.
1 point
The accounting stationery used to record financial information about specific accounts is a(n) ____.
18.
1 point
In the preparation of a trial balance, all accounts are listed in the order in which they appear on the chart of accounts, including those accounts with a zero balance.
19.
1 point
The notation "G3" in the Posting Reference column of a ledger account indicates the data was posted from general journal page 3.
20.
1 point
Every posting requires the year, month, and day to be entered in the Date column of the ledger account for every transaction.
21.
1 point
Every amount posted will either increase or decrease the balance of a ledger account.
22.
1 point
A periodic report prepared by a business to test the equality of total debits and total credits in the ledger is called a(n) ____.
23.
1 point
Whether accounts are kept manually in a special file or electronically on magnetic disks or tapes, the ledger is often called a(n) ____.
24.
1 point
The purpose of posting is to show the changes that take place in the business's accounts as a result of financial transactions.
25.
1 point
A trial balance is prepared after posting is completed.
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