Ledgers differ from journals in that ledgers _____
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Ledgers differ from journals in that ledgers _____
A. serve as a check-and-balance tool of the company.
B. provide a chronological record of the company’s transactions.
C. are grouping of all accounts of company with its outstanding balance.
D. help prevent and locate errors as the debits and credits can be easily compared.
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- 1. Which of the following is NOT a financial transaction?a. purchase of productsb. cash receiptsc. update valid vendor filed. sale of inventory 2. The following are subsystems of the Accounting Information System, EXCEPTa. Transaction Processing System.b. Human Resources System.c. General Ledger/Financial Reporting System.d. Management Reporting System. 3. Which of the following is NOT a purpose of the Transaction Processing System?a. managing and reporting on the status of financial investmentsb. converting economic events into financial transactionsc. distributing essential information to operations personnel to support their dailyoperationsd. recording financial transactions in the accounting records 4. The objectives of the data collection activity of the general model for Accounting InformationSystems are to collect data that area. relevant and redundant.b. efficient and objective.c. efficient and redundant.d. efficient and relevant. 5. Which of the following is NOT a…Identify the items from the following list that are likely to serve as source documents. Is this a Item source document? a. Invoice from supplier b. Ledger c. Statement of cash flows d. Company revenue account e. Sales receipt f. General journal g. Prepaid insurance account h. Employee time clock record i. Credit card receiptThe 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.
- Which of the following is true? a.The process of transferring information from the journal to the ledger is called journalizing. b.When recording business transactions, it is not important that one use the exact account titles as listed in the chart of accounts. c.The ledger account form maintains a running balance of the account. d.All of these listed answers are correct.All records in a file must be uniquely identifiable in at least one attribute, which is its primary key. Drawing on your general knowledge of accounting, identify the primary key for the following types of accounting records. To illustrate, the first record is done for you.Record Type Primary KeyAccounts Receivable Customer Number Accounts Payable Inventory Customer Sales Orders Purchase Orders to vendors Cash Receipts (checks) from customers Cash Disbursements (checks) to vendors Employee Payroll Earnings recordsWhich journal entries is correct when a business entity collects an accounts receivable? A. Cash - debit. Accounts receivable - credit. B. Accounts receivable- debit. Service revenue - credit. C. Cash- debit. Accounts Payable- credit. D. Cash -debit. Notes payable - credit.
- Accountants have effectively used a system of debits and credits to increase and decrease account balances in the ledger. Explain debit and credit side effects.The collection of accounts of Customer Alexander is recorded as a credit to the ledger of Customer Sean. What is the effect of the error in the total assets of the entity?Due to this accounting principle I have to store the accounting documents for example invoices, cash receipts etc. for the predetermined time periods as I need to be able to prove the data used in the accounting. Select one: a. consistency principle b. prudence principle c. full disclosure principle d. reliability principle
- company should always use the same checking account for business transactions and for the owner's personal transactions to streamline recording transactions. a. True b. FalsePosting is the process of a. Analyzing the impact of the transaction on the accounting equation. b. Obtaining information about external transactions from source documents. c. Transferring the debit and credit information from the journal to individual accounts in the general ledger. d. Listing all accounts and their balances at a particular date and showing the equality of total debits and total credits.Normally revenue is recognized when: A. the customer order is receivedB. the customer order is accompanied by a checkC. the transaction results to recording an accounts receivableD. when the title of the goods changes
