ACCOUTING PRIN SET LL INCLUSIVE
14th Edition
ISBN: 9781119815327
Author: Weygandt
Publisher: WILEY
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The T-account is used to summarize which of thefollowing?a. Increases and decreases to a single account in theaccounting system.b. Debits and credits to a single account in the accountingsystem.c. Changes in specific account balances over a timeperiod.d. All of the above describe how T-accounts are used byaccountants.
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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- Calculating balance of any account, after posting all entries in ledger account, is known as O a. Entry O b. Balancing O C. Posting O d. Arithmeticarrow_forwardWhich of the following checks the arithmetical accuracy of accounts? O a. Balance sheet O b. Journal O c. Trial balance O d. Ledgerarrow_forwardWhich statement is false?a. A trial balance lists all the accounts with their current balances.b. A trial balance can be taken at any time.c. A trial balance can verify the equality of debits and credits.d. A trial balance is the same as a balance sheetarrow_forward
- Which 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_forwardA correcting entry is not required if a. a transaction has been journalized using the wrong amounts and posted. b. a transaction has been journalized to the wrong accounts and posted. c. a transaction has been journalized using the wrong accounts and amounts, then posted. d. a transaction has been correctly journalized but posted incorrectly.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
- Which of the following transactions will require a journal entry? Indicate if it will be a debit or a credit and to what account the entry will be recorded. Select "NA" if not applicable.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_forwardTrue or False After posting a transaction, the new balance in an account can be seen in the general ledger.arrow_forward
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