Which of the following is NOT a true statement?a. Transactions are recorded on source documents and are posted to journals.b. Transactions are recorded in journals and are posted to ledgers.c. Infrequent transactions are recorded in the general journal.d. Frequent transactions are recorded in special journals.

Which of the following is NOT a true statement?a. Transactions are recorded on source documents and are posted to journals.b. Transactions are recorded in journals and are posted to ledgers.c. Infrequent transactions are recorded in the general journal.d. Frequent transactions are recorded in special journals.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter3: Review Of A Company's Accounting System

Section: Chapter Questions

Problem 2GI: What is the relationship between the accounting equation and the double-entry system of recording...

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Which of the following is false? Select one: a. Recording transactions in separate special journals provides users with a more efficient system and access to specific information. b. Source documents provide evidence for journal entries, which are then posted to the general ledger accounts. c. The opening balances from the general ledger accounts are used to create a trial balance, the financial statements and other reports. d. All of the choices are true
Transaction are entered in the ledger accounts and then transferred to journals. The answer is true or false
True or False Transactions are recorded in either a journal or a ledger, but not in both.
Which of the following statements is not correct? O A trial balance would help in detecting an error made while transcribing the debit side of a journal entry to the ledger O A journal discloses in one place the complete effects of a transaction O The correct sequence of steps in the recording process is: posting. journalizing, analyzing The chart of accounts is a listing of the accounts and the account numbers which identify their location in the ledger
Which of the following is not transferred from the journal to the ledger in the posting process? a.Date b.Explanation c.Debit and credit d.Amount
How does the journal differ from the ledger?
What is the relationship between the accounting equation and the double-entry system of recording journal entries?
Is the order in which we place information in the journal and ledger important?
The 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.
The process of transferring the debit and credit information from the journal to individual accounts in the general ledger is called journalizing. Question 4 options: True False
1. Can you give any examples of transactions that must be recorded or journalized? Could you provide me an example of a transaction and a journal entry? Can you conceive of any events when no record would be kept?
Which of the following statements about a journal is false? (a) It is not a book of original entry. (b) It provides a chronological record of transactions. (c) It helps to locate errors because the debit and credit amounts for each entry can be readily compared. (d) It discloses in one place the complete effect of a transaction.