CHAPTER 4 DISCUSSION QUESTIONS

The General Ledger How does posting journal entries work in a computerized accounting system? What does it mean when posting is done automatically? Explain.

What are the similarities and differences between the Transaction Detail by Account and the General Ledger? (Quickbooks) When would you use one versus the other as a business owner or manager? Give specific examples.

Which of the following accounting connotes posting to the ledger? * O Recording O Ledgering Journaling O Classifying

do all business transactions require journal entries?

Defining components of an accounting information system Match each component of a computerized accounting information system with an example. Components may be used more than once.

Explain an example how to record the transaction in journal.

How do you know which account debits and credits go in?  How do you log into the general journal? General ledger? How do you do the income statements and balance sheets?