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Chapter 2 Recording Business Transactions

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solution


Question

Question;8) After initially recording a;transaction, the data is then transferred to the ________.;A) chart of accounts;B) ledger;C) trial balance;D) journal;9) The accounting process of transferring;a transaction from the journal to the ledger is called ________.;A) journalizing;B) posting;C) compounding;D) sourcing;10) The first step in the journalizing and;posting process is to ________.;A) post the accounts to the ledger;B) identify each account involved and its;type;C) determine whether each account has;increased or decreased;D) record the transaction in the journal;including a brief explanation;11) Which of the following is the order of;steps to journalize an entry?;A) identify each account affected? determine increase or decrease in each account? record the transaction;B) identify each account affected? record the transaction? determine increase or;decrease in each account;C) record the transaction? identify each account affected?;determine increase or decrease in each account;D) determine increase or decrease in each;account? identify each account affected? record;the transaction;12) Which of the following is the final;step in the journalizing and posting process?;A) posting the accounts to the ledger;B) identifying each account affected and;its type;C) determining whether the accounting;equation is in balance;D) determining whether each account has;increased or decreased;13) Which of the following sequences is;the normal sequence of flow of accounting data?;A) ledger? journal;? source document;B) journal? source;document? ledger;C) source document? journal? ledger;D) source document? ledger? journal;14) Which of the following is a source;document that provides the evidence and data for accounting transactions?;A) journal;B) sales invoice;C) ledger;D) trial balance

 

Paper#55124 | Written in 18-Jul-2015

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