Chapter 3 quiz

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Chapter 3 quiz

  1. 1. © 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater Beginning the Accounting Cycle Chapter 3
  2. 2. 1. Transactions are entered into a journal: <ul><li>A. By dollar amount </li></ul><ul><li>B. In chronological order </li></ul><ul><li>C. In alphabetical order </li></ul><ul><li>D. By company name </li></ul>© 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater LO-1
  3. 3. 1. Transactions are entered into a journal: <ul><li>A. By dollar amount </li></ul><ul><li>B. In chronological order </li></ul><ul><li>C. In alphabetical order </li></ul><ul><li>D. By company name </li></ul>© 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater LO-1
  4. 4. 2. The General Journal is also called the: <ul><li>A. Book of final entry </li></ul><ul><li>B. General ledger </li></ul><ul><li>C. Book of original entry </li></ul><ul><li>D. All of the above </li></ul>© 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater LO-1
  5. 5. 2. The General Journal is also called the: <ul><li>A. Book of final entry </li></ul><ul><li>B. General Ledger </li></ul><ul><li>C. Book of original entry </li></ul><ul><li>D. All of the above </li></ul>© 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater LO-1
  6. 6. 3. When a journal entry affects more than two accounts, it is known as a(n): <ul><li>A. Compound entry </li></ul><ul><li>B. Complex entry </li></ul><ul><li>C. Triple entry </li></ul><ul><li>D. Abbreviated entry </li></ul>© 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater LO-1
  7. 7. 3. When a journal entry affects more than two accounts, it is known as a(n): <ul><li>A. Compound entry </li></ul><ul><li>B. Complex entry </li></ul><ul><li>C. Triple entry </li></ul><ul><li>D. Abbreviated entry </li></ul>© 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater LO-1
  8. 8. 4. The upper-right corner of the General Journal contains the: <ul><li>A. Date </li></ul><ul><li>B. Page number </li></ul><ul><li>C. Company name </li></ul><ul><li>D. Accounting period </li></ul>© 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater LO-2
  9. 9. 4. The upper-right corner of the General Journal contains the: <ul><li>A. Date </li></ul><ul><li>B. Page number </li></ul><ul><li>C. Company name </li></ul><ul><li>D. Accounting period </li></ul>© 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater LO-2
  10. 10. 5. Transferring information from the General Journal to the General Ledger is known as: <ul><li>A. Referencing </li></ul><ul><li>B. Journalizing </li></ul><ul><li>C. Crediting </li></ul><ul><li>D. Posting </li></ul>© 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater LO-2
  11. 11. 5. Transferring information from the General Journal to the General Ledger is known as: <ul><li>A. Referencing </li></ul><ul><li>B. Journalizing </li></ul><ul><li>C. Crediting </li></ul><ul><li>D. Posting </li></ul>© 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater LO-2
  12. 12. 6. An appropriate ledger account number for Accounts Payable would be: <ul><li>A. 101 </li></ul><ul><li>B. 201 </li></ul><ul><li>C. 301 </li></ul><ul><li>D. 501 </li></ul>© 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater LO-2
  13. 13. 6. An appropriate ledger account number for Accounts Payable would be: <ul><li>A. 101 </li></ul><ul><li>B. 201 </li></ul><ul><li>C. 301 </li></ul><ul><li>D. 501 </li></ul>© 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater LO-2
  14. 14. 7. A posting reference in the General Ledger would appear as: © 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater A. Journal 1 B. Ledger 1 C. GJ1 D. The account number to which the posting was made LO-2
  15. 15. 7. A posting reference in the General Ledger would appear as: © 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater A. Journal 1 B. Ledger 1 C. GJ1 D. The account number to which the posting was made LO-2
  16. 16. 8. Recording the account number in the posting reference column of the general journal is known as: <ul><li>A. Posting </li></ul><ul><li>B. Cross referencing </li></ul><ul><li>C. Journalizing </li></ul><ul><li>D. Debiting </li></ul>© 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater LO-2
  17. 17. 8. Recording the account number in the posting reference column of the general journal is known as: <ul><li>A. Posting </li></ul><ul><li>B. Cross referencing </li></ul><ul><li>C. Journalizing </li></ul><ul><li>D. Debiting </li></ul>© 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater LO-2
  18. 18. 9. All of the following are true of the Trial Balance except : <ul><li>A. The Debit and Credit column must balance </li></ul><ul><li>B. Assets will normally appear on the Debit side </li></ul><ul><li>C. Revenue will normally appear on the Credit side </li></ul><ul><li>D. The capital balance should always be the beginning capital figure </li></ul>© 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater LO-3
  19. 19. 9. All of the following are true of the Trial Balance except : <ul><li>A. The Debit and Credit column must balance </li></ul><ul><li>B. Assets will normally appear on the Debit side </li></ul><ul><li>C. Revenue will normally appear on the Credit side </li></ul><ul><li>D. The capital balance should always be the beginning capital figure </li></ul>© 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater LO-3
  20. 20. 10. If a correction is made before posting: <ul><li>A. Draw a line through the incorrect entry </li></ul><ul><li>B. Write the correct information above the line </li></ul><ul><li>C. Write initials near change </li></ul><ul><li>D. All of the above </li></ul>© 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater LO-3
  21. 21. 10. If a correction is made before posting: <ul><li>A. Draw a line through the incorrect entry </li></ul><ul><li>B. Write the correct information above the line </li></ul><ul><li>C. Write initials near change </li></ul><ul><li>D. All of the above </li></ul>© 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater LO-3
  22. 22. 11. To correct an entry posted to the wrong account: <ul><li>A. Draw a line through the error </li></ul><ul><li>B. A correcting entry along with an explanation must be done when the error is found </li></ul><ul><li>C. Erase the error </li></ul><ul><li>D. Initial the error and correct it at the end of the month </li></ul>© 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater LO-3
  23. 23. 11. To correct an entry posted to the wrong account: <ul><li>A. Draw a line through the error </li></ul><ul><li>B. A correcting entry along with an explanation must be done when the error is found </li></ul><ul><li>C. Erase the error </li></ul><ul><li>D. Initial the error and correct it at the end of the month </li></ul>© 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater LO-3
  24. 24. 12. If the trial balance does not balance: <ul><li>A. Look for transposition errors </li></ul><ul><li>B. Recompute balances in each ledger account </li></ul><ul><li>C. Trace all postings from the journal to the ledger </li></ul><ul><li>D. All of the above </li></ul>© 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater LO-3
  25. 25. 12. If the trial balance does not balance: <ul><li>A. Look for transposition errors </li></ul><ul><li>B. Recompute balances in each ledger account </li></ul><ul><li>C. Trace all postings from the journal to the ledger </li></ul><ul><li>D. All of the above </li></ul>© 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater LO-3
  26. 26. 13. If the cash account had a starting Debit balance of $15,000 and Salaries of $3,500 were paid, what would be the ending balance of the cash account? <ul><li>A. The Cash balance would be $11,500- Debit </li></ul><ul><li>B. The Cash balance would be $18,500- Debit </li></ul><ul><li>C. The Cash balance would be -$11,500-Credit </li></ul><ul><li>D. The Cash balance would be $18,500-Credit </li></ul>© 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater LO-3
  27. 27. 13. If the cash account had a starting Debit balance of $15,000 and Salaries of $3,500 were paid, what would be the ending balance of the cash account? <ul><li>A. The Cash balance would be $11,500- Debit </li></ul><ul><li>B. The Cash balance would be $18,500- Debit </li></ul><ul><li>C. The Cash balance would be -$11,500-Credit </li></ul><ul><li>D. The Cash balance would be $18,500-Credit </li></ul>© 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater LO-3
  28. 28. 14. If a company purchased equipment for $50,000, paid $20,000 in cash, and financed the rest, what would occur? <ul><li>A. Cash would be credited for $20,000; Equipment would be debited for $30,000; and Accounts Payable would be debited for $50,000 </li></ul><ul><li>B. Cash would be debited for $20,000; Equipment would be credited for $50,000; and Accounts Payable would be debited for $30,000 </li></ul><ul><li>C. Cash would be credited for $20,000; Equipment would be credited for $30,000; and Accounts Payable would be debited for $50,000 </li></ul><ul><li>D. Cash would be credited for $20,000; Equipment would be debited for $50,000; and Accounts Payable would be credited for $30,000 </li></ul>© 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater LO-1
  29. 29. 14. If a company purchased equipment for $50,000, paid $20,000 in cash, and financed the rest, what would occur? <ul><li>A. Cash would be credited for $20,000; Equipment would be debited for $30,000; and Accounts Payable would be debited for $50,000 </li></ul><ul><li>B. Cash would be debited for $20,000; Equipment would be credited for $50,000; and Accounts Payable would be debited for $30,000 </li></ul><ul><li>C. Cash would be credited for $20,000; Equipment would be credited for $30,000; and Accounts Payable would be debited for $50,000 </li></ul><ul><li>D. Cash would be credited for $20,000; Equipment would be debited for $50,000; and Accounts Payable would be credited for $30,000 </li></ul>© 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater LO-1

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