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ACCT 105 CHAPTER 2 THE RECORDING PROCESS 21-37 PART 3 21. Transactions are recorded in alphabetic order in a journal. 22. A journal is also known as a book of original entry. 23. The complete effect of a transaction on the accounts is disclosed in the journal. 24. The account titles used in journalizing transactions need not be identical to the account titles in the ledger. 25. The chart of accounts is a special l ...

Other / Other 24 Oct 2016

ACCT 105 CHAPTER 2 THE RECORDING PROCESS 81-100 PART 6 81. At December 1, 2015, Cursive Company’s accounts receivable balance was $1,800. During December, Cursive had revenues on account of $7,200 and collected accounts receivable of $6,000. At December 31, 2015, the accounts receivable balance is a. $600 debit. b. $3,000 debit. c. $600 credit. d. $3,000 credit. 82. At October 1, 2015, Padilla Industries had an accounts payab ...

Other / Other 24 Oct 2016

ACCT 105 CHAPTER 2 THE RECORDING PROCESS 121-140 PART 8 121. The first step in posting involves a. entering in the appropriate ledger account the date, journal page, and debit amount shown in the journal. b. writing in the journal the account number to which the debit amount was posted. c. writing in the journal the account number to which the credit amount was posted. d. entering in the appropriate ledger account the date, journal page, ...

Other / Other 24 Oct 2016

ACCT 105 CHAPTER 2 THE RECORDING PROCESS 38-60 PART 4 MULTIPLE CHOICE QUESTIONS 38. An account consists of a. one part. b. two parts. c. three parts. d. four parts. 39. The left side of an account is a. blank. b. a description of the account. c. the debit side. d. the balance of the account. 40. Which one of the following is not a part of an account? a. Credit side b. Trial balance c. Debit side d. Title 41. ...

Other / Other 24 Oct 2016

ACCT 105 CHAPTER 2 THE RECORDING PROCESS 361-80 PART 5 61. Assets normally show a. credit balances. b. debit balances. c. debit and credit balances. d. debit or credit balances. 62. An awareness of the normal balances of accounts would help you spot which of the following as an error in recording? a. A debit balance in the dividends account b. A credit balance in an expense account c. A credit balance in a liabilities account d. ...

Other / Other 24 Oct 2016

ACCT 105 CHAPTER 2 THE RECORDING PROCESS TRUE-FALSE STATEMENTS PART 2 TRUE-FALSE STATEMENTS 1. A new account is opened for each transaction entered into by a business firm. 2. The recording process becomes more efficient and informative if all transactions are recorded in one account. 3. When the volume of transactions is large, recording them in tabular form is more efficient than using journals and ledgers. 4. ...

Other / Other 24 Oct 2016

ACCT 105 CHAPTER 2 THE RECORDING PROCESS PART 1 1. Describe how accounts, debits, and credits are used to record business transactions. 2. Indicate how a journal is used in the recording process. 3. Explain how a ledger and posting help in the recording process. 4. Prepare a trial balance. ...

Other / Other 24 Oct 2016

ACCT 105 CHAPTER 2 THE RECORDING PROCESS 101-120 PART 7 101. The standard format of a journal would not include a. a reference column. b. an account title column. c. a T-account. d. a date column. 102 Transactions in a journal are recorded in a. account number order. b. dollar amount order. c. alphabetical order. d. chronological order. 103 A journal is not useful for a. disclosing in one place the complete effect of a tran ...

Other / Other 24 Oct 2016

Accounting 101 PART 1 BUDGETARY CONTROL AND RESPONSIBILITY ACCOUNTING TRUE-FALSE STATEMENTS 1. Budget reports comparing actual results with planned objectives should be prepared only once a year. 2. If actual results are different from planned results, the difference must always be investigated by management to achieve effective budgetary control. 3. Certain budget reports are prepared monthly whereas others are prepared more frequen ...

Other / Other 17 Oct 2016

Accounting 101 PART 8 BUDGETARY CONTROL AND RESPONSIBILITY ACCOUNTING SHORT-ANSWER ESSAY QUESTIONS S-A E 140 The master budget and flexible budgets are important aids to management in performing the management functions of planning and control. Briefly describe how planning and control are facilitated by preparing a master budget and flexible budgets. How are these two types of budgets interrelated with planning and control? S-A E 1 ...

Other / Other 17 Oct 2016