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 persons

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 persons

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter2: Analyzing Transactions Into Debit And Credit Parts

Section: Chapter Questions

Problem 1CP

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Posting: involves transferring the information in journal entries to the general ledger. is an optional step in the accounting cycle. is performed after a trial balance is prepared. involves transferring information to the trial balance.
Read 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.
The first step in posting the sales journal to the general ledger is to total and verify the equality of the amount columns. enter the date in the Date column of the ledger account. enter the new balance in the Balance columns of the ledger account. enter the ledger account number below the column totals in the journal.
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.
Most computerized accounting systems use electronic forms to record transaction information, such as the invoice form illustrated at the top of Exhibit 7 in this chapter.a. Identify the key input fields (spaces) in an electronic invoice form.b. What accounts are posted from an electronic invoice form?c. Why aren’t special journal totals posted to control accounts at the end of the month in an electronic accounting system?
Put your knowledge of the double-entry accounting system to the test Choose one transaction and show which accounts are affected by the transaction, according to the double entry system.
The collection of accounts of Customer Alexander is recorded as a credit to the ledger of Customer Sean. What is the effect of the error in the total assets of the entity?
The double-entry accounting system means A. Each transaction is recorded with two journal entries. B. Each item is recorded in a journal entry, then in a general ledger account. C. The dual effect of each transaction is recorded with a debit and a credit. D. None of these answer choices are correct.
Which of the following is false? Select one: a. Recording transactions in separate special journals provides users with a more efficient system and access to specific information. b. Source documents provide evidence for journal entries, which are then posted to the general ledger accounts. c. The opening balances from the general ledger accounts are used to create a trial balance, the financial statements and other reports. d. All of the choices are true
Normally revenue is recognized when: A. the customer order is receivedB. the customer order is accompanied by a checkC. the transaction results to recording an accounts receivableD. when the title of the goods changes
Why would a company want to use account numbers on its Chart of Accounts? Multiple Choice To be able to check the current account balance quickly To uniquely identify each account on the Chart of Accounts To confuse users of the Chart of Accounts
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.