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Chapter 2: Measurement Concepts: Recording Business Transactions

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Question;31. A;transposition error will cause the trial balance to be out of balance by an;amount that is evenly divisible by two.;True False;32. Recording;an account with a debit balance as a credit, or an account with a credit;balance as a debit, will cause the trial balance to be out of balance by an;amount that is evenly divisible by two.;True False;33. When;a transaction results in an account with a balance that isn?t ?normal,? the ?abnormal?;balance should be corrected to the ?normal? balance before copying the balance;into the trial balance.;True False;34. A;trial balance may be prepared at any point in time.;True False;35. The;general journal is a chronological record of all transactions.;True False;36. Entering;transactions into the journal is called posting.;True False;37. A;ledger account is an abbreviated version of a T account.;True False;38. In;a journal entry, debits are always indented.;True False;39. In;a journal entry, the Post. Ref. column is left blank until the entry has been;posted.;True False;40. The;final step of the transaction analysis is the preparation of the trial;balance.;True False;41. One;might see ?J5? correctly placed in the Post. Ref. column of the Accounts;Payable account.;True False;42. Journal;entries are typically posted to the ledger only at the end of the year.;True False;43. Another;name for the ledger is the book of original entry.;True False;44. In;the general journal, the year appears on the first line of the first column;the month on the next line of the first column, and the day in the second;column opposite the month.;True False;45. The;general ledger is used to record the details of each transaction. The general;journal is used to update each account.;True False

 

Paper#55132 | Written in 18-Jul-2015

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