Ledgers differ from journals in that ledgers _____
Q: Business transactions are economic events that involed all the above information except: Select…
A: Accounting principles means those set of standards which is followed while preparing the books of…
Q: Accountants have effectively used a system of debits and credits to increase and decrease account…
A: Debit means debit side of the account which is denoted by Dr. Credit means credit side of the…
Q: 1. Which of the following is NOT a financial transaction? a. purchase of products b. cash receipts…
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: The collection of accounts of Customer Alexander is recorded as a credit to the ledger of Customer…
A: This error is a self balancing error. One account is credited instead of other. It auto balances the…
Q: The statement that is NOT CORRECT about the general ledger is __________ . a. postings are based on…
A: Ledger is secondary book of the business in which the transactions which have earlier been recorded…
Q: a. A collection of accounts and account balances is referred to as a(n) b. Increases and decreases…
A: Accounting is the maintaining a record records or process of recording all the financial…
Q: A ledger is where the initial record of a day's transactions is entered. True or False
A: solution concept Journal : Journal is the book where the transactions are initially entered Ledger :…
Q: Which one of the following is not an advantage of slip system of accounting? a. It ensures smooth…
A: Slip system of accounting:- Under slip system of accounting method, all the business transactions…
Q: A debit entry increases the value of the assets and income accounts in the accounting ledgers. True…
A: Revenue: This is the amount of money earned by a company within a particular accounting period.…
Q: A company records its various business transactions in the book of original entries using various…
A: In this question, we will explain that the answer is True or False and if True then why it is True…
Q: If a company uses special journals a. it must have one for cash, receivables, and payables b. it…
A: Special journals means where separate books are maintained for specified entries and general journal…
Q: Every business transaction is recorded by a debit to a balance sheet account and a credit to an…
A: Journal Entries: Journal entries are the first step in the accounting cycle. Journal entries are the…
Q: Below are the steps in the measurement process of external transactions. Arrange them from first (1)…
A: Measurement process of external transactions:
Q: This refers to the process of transferring the debit and credit amounts from the journals to the…
A: The correct option in the given question is: POSTING Journal entries are posted to ledger…
Q: The full "accounting cycle" culminates in closing the books and producing financial statements.…
A: Real account is a type of general ledger account. This account is not closed at the end of…
Q: For each transaction show the double entry (debit and credit general ledger names), as well as the…
A:
Q: Which of the following statements is not correct? O A trial balance would help in detecting an error…
A: The correct sequence of the recording process is: analyzing, journalizing, and then posting to the…
Q: Which of the following is NOT a true statement?a. Transactions are recorded on source documents and…
A: Option a is the correct answer
Q: What is the name of the system of accounting for recording transactions, based on recording…
A: Solution: Double entry accounting system is a system of accounting that ensures that every financial…
Q: After journalizing, the journal entries are transferred to a four-column record where the balances…
A: Ledger or General Ledger: Every account in an organization's chart of accounts gets its own ledger…
Q: Which one of the following step does not involve Posting from journal to the ledger? a. Enter the…
A: The primary reporting of the transactions in the accounting books can be done using Journal entries.…
Q: Which of the following is true? a.The process of transferring information from the journal to the…
A: A transaction firstly recorded in the journal, then posted on the ledger, balance transferred on…
Q: The list of accounts maintained by a company is called the O Chart of accounts O general ledger O…
A: Solution 1: The list of accounts maintained by a company is called the "Chart of accounts". hence…
Q: Enter the number for the item that best completes each of the descriptions below. 1. Chart 2.…
A:
Q: Journal entries are required for the reconciling items on the book side because O A. the adjusted…
A: I am writing Question 18 as asked by the student. 18. The journal entry would be required to the…
Q: Posting is a step in the accounting cycle that involves transferring information from the journal…
A: In book keeping first part is journal entries and second part is ledger entries In short journal is…
Q: Which of the following is not a step in the process of measuring external transactions? a. Analyze…
A: Accrual accounting: The method of accounting which recognizes revenues before they are received, and…
Q: Why does a balance sheet balance (assets = Liabilities + OE)? a) It is required by law b)…
A: Balance sheet: To know the financial position of the company on particular date Balance sheet is…
Q: The step-by-step process to record business activities and events to keep financial records up…
A: Accounting is the detailed process of recording, classifying, summarising and preparing financial…
Q: a.Worksheets are required in every company’s accounting cycle. Please agree or disagree and explain…
A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…
Q: This functions as a financial diary of a business and ensures that the double-entry bookkeeping…
A: Note: “Since you have asked multiple questions, we will solve the first question for you. If you…
Q: True or False. 1. A company records its various business transactions in the book of original…
A: In a business organization, many types of transactions occur. These transactions are recorded via…
Q: a. A collection of accounts and account balances is referred to as a(n) b. A(n) , such as a bank…
A: Journal is a place where accounting transactions are listed in the book keeping system before ledger…
Q: A company's account is: O A. A journal in which transactions are first recorded. A list of all…
A: Account means the systematic record of various transactions entered by businesses.
Q: What do the terms 'debit' and 'credit' mean from an accounting perspective? What are the two…
A: The terms ‘debit’ and ‘credit’ forms the basis of accounting. It is on the basis of these two terms…
Q: The flow of financial data through the accounting information system does NOT include a.analyzing…
A: Answer: Option (D). receiving payment for all accounts receivable is the correct answer.
Q: What accounts are considered temporary?
A: “Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: Due to this accounting principle I have to store the accounting documents for example invoices, cash…
A: Accounting is based on various principles that are to be considered while preparing accounts of the…
Q: If a company faced loss, while preparing the worksheet for the company, which sentence is correct…
A: Income statement: The financial statement which reports revenues and expenses from business…
Q: What do you understand by the term booking, explain the process of bookkeeping to be aopted by a…
A: "Since you have asked multiple question we will solve the first question for you. If you want any…
Q: The double-entry accounting system means A. Each transaction is recorded with two journal…
A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…
Ledgers differ from journals in that ledgers _____
A. serve as a check-and-balance tool of the company.
B. provide a chronological record of the company’s transactions.
C. are grouping of all accounts of company with its outstanding balance.
D. help prevent and locate errors as the debits and credits can be easily compared.
Step by step
Solved in 2 steps
- The step-by-step process to record business activities and events to keep financial records up to date is ________. A. day-to-day cycle B. accounting cycle C. general ledger D. journalRead each definition below and write the number of the definition in the blank beside the appropriate term. The quiz solutions appear at the end of the chapter. Event External event Internal event Transaction Source document Account Chart of accounts General ledger Debit Credit Double-entry system Journal Posting Journalizing General journal Trial balance A numerical list of all accounts used by a company. A list of each account and its balance; used to prove equality of debits and credits. A happening of consequence to an entity. An entry on the right side of an account. An event occurring entirely within an entity. A piece of paper that is used as evidence to record a transaction. The act of recording journal entries. An entry on the left side of an account. The process of transferring amounts from a journal to the ledger accounts. An event involving interaction between an entity and its environment. A record used to accumulate amounts for each individual asset, liability, revenue, expense, and component of stockholders equity. A book, a file, a hard drive, or another device containing all of the accounts. A chronological record of transactions. Any event that is recognized in a set of financial statements. The journal used in place of a specialized journal. A system of accounting in which every transaction is recorded with equal debits and credits and the accounting equation is kept in balance.If a journal entry includes a debit or credit to the Cash account, it is most likely which of the following? A. a closing entry B. an adjusting entry C. an ordinary transaction entry D. outside of the accounting cycle
- From the following list, identify which items are considered original sources: A. accounts receivable B. receipt from post office for post office box C. purchase order D. general ledger E. adjusted trial balance F. statement of retained earnings G. electric bill H. packing slip I. company expense account J. statement of cash flowsA __________ is a book in which business transactions are recorded. a. journal b. ledger c. trial balance d. balance sheetselect the item that best completes each of the description below A____ of accounts is a list of all accounts a company uses not including account balance a____ contains a record of decreases and increases in a spefic revenue, expenses, asset, liability, or equity a___ is a record containing all accounts used by a company including account balance a___ had a complete record of every transaction recored a___ such as a bank statement is objective evidence of transaction and their amounts
- Which of the following is true? a.The process of transferring information from the journal to the ledger is called journalizing. 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 ledger account form maintains a running balance of the account. d.All of these listed answers are correct.Every business transaction is recorded by a debit to a balance sheet account and a credit to an income statement account. True FalseThe flow of financial data through the accounting information system does NOT include a.analyzing transactions. b.journalizing and posting transactions. c.preparing a trial balance. d.receiving payment for all accounts receivable.
- Accountants have effectively used a system of debits and credits to increase and decrease account balances in the ledger. Explain debit and credit side effects.Which one of the following is not an advantage of slip system of accounting? a. It ensures smooth flow of accounting b. It ensures the recording of entries in all the books of accounts immediately by making a single entry c. It helps in keeping the accounts of customer up to date d. It can distribute the work of posting among many personsPosting is the process of a. Analyzing the impact of the transaction on the accounting equation. b. Obtaining information about external transactions from source documents. c. Transferring the debit and credit information from the journal to individual accounts in the general ledger. d. Listing all accounts and their balances at a particular date and showing the equality of total debits and total credits.
