Final Review 5: Question Preview (ID: 19189)


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A journal is like a diary of a business because it is the only place where complete details of a transaction are recorded.
a) True b) False c) d)
For every transaction recorded in the general journal, these items are always written: date, account titles, amounts, and source document or brief explanation.
a) True b) False c) d)
If an error is discovered immediately after journalizing, a single ruling should be placed through the incorrect data and the correct information should be written above it.
a) True b) False c) d)
Recording transactions is the second step in the accounting cycle.
a) True b) False c) d)
To verify a source document means to check the accuracy of the information on it.
a) True b) False c) d)
Since the debit and credit amounts in a business transaction are the same, the order in which the account titles are recorded in the general journal does not matter.
a) True b) False c) d)
Dollar signs, commas, and decimals are not used when entering amounts in the journal.
a) True b) False c) d)
The title of the account to be credited is indented from the left edge of the Description column so it can be easily distinguished from the debit part of the transaction.
a) True b) False c) d)
Never erase an error in a journal entry because an erasure looks suspicious.
a) True b) False c) d)
In order to help an owner/manager know the financial condition of a business, accounting records are kept and reported for a certain period of time called an accounting period.
a) True b) False c) d)
The type of source document prepared depends upon the nature of the transaction.
a) True b) False c) d)
The purpose of posting is to show the changes that take place in the business's accounts as a result of financial transactions.
a) True b) False c) d)
The ledger account form used by Zip Delivery Service is a three-column account form.
a) True b) False c) d)
Opening an account in a ledger involves writing the account title and the account number on the account form.
a) True b) False c) d)
How often posting occurs depends on the size of the business, the number of transactions, and whether posting is done manually or electronically.
a) True b) False c) d)
The easiest way to post is from left to right in a ledger account because there is less chance of omitting data.
a) True b) False c) d)
Every posting requires the year, month, and day to be entered in the Date column of the ledger account for every transaction.
a) True b) False c) d)
Every amount posted will either increase or decrease the balance of a ledger account.
a) True b) False c) d)
The notation G3 in the Posting Reference column of a ledger account indicates the data was posted from general journal page 3.
a) True b) False c) d)
A credit posting to the Office Equipment account will result in an increase to that account.
a) True b) False c) d)
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