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Chapter 2--Analyzing Transactions




Question;61. A;notation in the post reference column of the general journal indicates that the;amount has been posted to the ledger.;True False;62. The;order of the flow of accounting data is (1) record in the ledger, (2) record in;the journal, (3) prepare the financial statements.;True False;63. The;process of transferring the debits and credits from the journal entries to the;accounts is known as ?updating the accounts?.;True False;64. Journalizing;eliminates fraud.;True False;65. Once;journal entries are posted to accounts, each account will show a new balance;after each entry.;True False;66. A;group of related accounts that make up a complete unit is called a trial;balance.;True False;67. A;trial balance determines the accuracy of the numbers.;True False;68. Even;when a trial balance is in balance, there may be errors in the individual;accounts.;True False;69. The;totals at the bottom of the trial balance and the totals at the bottom of the;balance sheet both show equality and balancing, and therefore should be;equal.;True False;70. A;proof of the equality of debits and credits in the ledger at the end of an;accounting period is called a balance sheet.;True False;71. If;the trial balance is in balance, it can be assumed that all journal entries;were posted correctly and no errors were made.;True False;72. Posting;a part of a transaction to the wrong account will cause the trial balance;totals to be unequal.;True False;73. The;erroneous arrangement of digits, such as writing $45 as $54, is called a;slide.;True False;74. Journalizing;a transaction with both the debit and the credit for $69 instead of $96 will;cause the trial balance to be out of balance.;True False;75. Posting;a transaction twice will cause the trial balance totals to be equal.;True False;76. The;erroneous moving of an entire number one or more spaces to the right or left;such as writing $85 as $850, is called a transposition.;True False


Paper#55145 | Written in 18-Jul-2015

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