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Accounting Book 2
Test Description: Accounting Book 2
Instructions: Answer all questions to get your test result.
1) A record that summarizes all the characteristics of a single item of the equation.
A
journal
B
chart of accounts
C
account
D
source document
2) The computed balance of an account after all debits and credits have been posted.
A
liquidity
B
asset
C
source document
D
account balance
3) The name given to any account.
A
entry
B
credit
C
account title
D
debit
4) A form that shows the financial position of a business on a specific date.
A
ledger
B
journal
C
account
D
balance sheet
5) A balance sheet prepared on the day the business starts.
A
account
B
chart of accounts
C
source document
D
beginning balance sheet
6) Any journal used in an accounting system
A
chart of accounts
B
general ledger
C
book of secondary entry
D
book of original entry
7) Any ledger used in an accounting system.
A
general journal
B
book of original entry
C
chart of accounts
D
book of secondary entry
8) A list of all accounts used by an entity indicating the identifying number, the account title and classification of each accounting equation item.
A
chart of accounts
B
balance sheet
C
general journal
D
general ledger
9) Any entry made in the right-hand amount column of a general journal.
A
debit
B
posting
C
journalizing
D
credit
10) Anyone to whom a business owes money.
A
creditor
B
liquidity
C
balance sheet
D
account
11) Any entry made in the left-hand amount column of a general journal.
A
debit
B
journalizing
C
posting
D
credit
12) A transaction recorded in a journal.
A
entry
B
source document
C
liquidity
D
account
13) Contains all the accounts needed to prepare financial statements.
A
general journal
B
balance sheet
C
general ledger
D
source document
14) A business form used for recording accounting information in chronological order.
A
journal
B
chart of accounts
C
balance sheet
D
ledger
15) Recording information in chronological order in the journal, using the source document as evidence of the business transaction.
A
posting
B
journalizing
C
account balance
D
beginning balance sheet
16) A group of accounts.
A
journal
B
balance sheet
C
source document
D
ledger
17) Ease of converting an item to cash.
A
liquidity
B
journalizing
C
entry
D
posting
18) Writing the account name and number as the heading for the account.
A
journalizing
B
beginning balance sheet
C
opening an account
D
posting
19) The process of transferring the information from a journal entry to the ledger accounts.
A
posting
B
beginning balance sheet
C
journalizing
D
account balance
20) A document that provides the necessary information to make a journal entry.
A
liquidity
B
entry
C
source document
D
account
*select an answer for all questions
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