DF: ACCOUNTING PRINC 14E WPNGEC 1 SEM
14th Edition
ISBN: 9781119709947
Author: Weygandt
Publisher: WILEY
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8) A data entry application control that is designed to ensure that the total debits in a journal entry equal the total credits is called aa. Sign checkb. Hash totalc. Reasonableness checkd. Zero-balance checke. Financial total
Which of the following statements is not correct?
O A trial balance would help in detecting an error made while transcribing the debit
side of a journal entry to the ledger
O A journal discloses in one place the complete effects of a transaction
O The correct sequence of steps in the recording process is: posting. journalizing,
analyzing
The chart of accounts is a listing of the accounts and the account numbers which
identify their location in the ledger
Below are the steps in the measurement process of external transactions. Arrange them from first (1) to last (6).__________ a. Post the transaction to the T-accounts in the general ledger.__________ b. Assess whether the impact of the transaction results in a debit or credit to account balances.__________ c. Use source documents to identify accounts affected by an external transaction.__________ d. Analyze the impact of the transaction on the accounting equation.__________ e. Prepare a trial balance.__________ f. Record the transaction using debits and credits.
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- Which of the following checks the arithmetical accuracy of accounts? O a. Balance sheet O b. Journal O c. Trial balance O d. Ledgerarrow_forwardWhich of the following is provided by a trial balance inwhich total debits equal total credits?a. Proof that no transaction was completely omitted fromthe ledger during the posting process.b. Proof that the correct debit or credit balance has beencomputed for each account.c. Proof that the ledger is in balance.d. Proof that transactions have been correctly analyzed andrecorded in the proper accounts.arrow_forwardWhich of the following is true about T accounts? a.Transactions are first recorded in T accounts and then posted to the journal. b.The right side of a T account is called the debit side. c.The left side of a T account is called the credit side. d.The left side of a T account is called the debit side.arrow_forward
- Discuss, using numerical example why at certain instances the account has both debit and credit balance brought down?arrow_forwardWhich of the following is not transferred from the journal to the ledger in the posting process? a.Date b.Explanation c.Debit and credit d.Amountarrow_forwardTest of details of transactions involves testing the transactions which give rise to the ending balance of an account. TRUE OR FALSE? WHY?arrow_forward
- The statement that is NOT CORRECT about the general ledger is __________ . a. postings are based on source documents. b. the T-account format or ledger running balance format may be adopted. c. It follows the sequence of the accounts in the chart of accounts. d. the opening balances are entered before posting current transaction entries.arrow_forwardME9The verification that the sum of the debits and the sum of the credits in the ledger are equal is called:a) A journalb) A ledgerc) Postingd) A trial balancesarrow_forwardIdentify the normal balance (debit [Dr] or credit [Cr]) for each of the following accounts: __________ Accounts Receivable. __________Equipment.arrow_forward
- True or False After posting a transaction, the new balance in an account can be seen in the general ledger.arrow_forwardPosting from the journal to the ledger does NOT involve which of the following steps? a.Enter the amount of each transaction in the accounts. b.Enter the page of the journal from which each transaction is posted in the accounts. c.Enter the date of each transaction in the accounts. d.Enter the description of the entry.arrow_forwardWhich of the following is true about T accounts? Please explain with full explanation. a. The left side of a T account is called the debit side. b. The left side of a T account is called the credit side. c. The right side of a T account is called the debit side. d. Transactions are first recorded in T accounts and then posted to the journal.arrow_forward
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