Page 31

CLICK HERE TO ACCESS FULL VERSION

153) A general journal provides a place for recording all of the following except: A) The transaction date. B) The names of the accounts involved. C) The amount of each debit and credit. D) An explanation of the transaction. E) The balance in each account. 154) The balance column in a ledger account is: A) An account entered on the balance sheet. B) A column for showing the balance of the account after each entry is posted. C) Another name for the withdrawals account. D) An account used to record the transfers of assets from a business to its owner. E) A simple form of account that is widely used in accounting to illustrate the debits and credits required in recording a transaction. 155) Which of the following is not one of the four steps of processing transactions? A) Record journal entry. B) Analyze transactions using the accounting equation. C) Identify transactions and source documents. D) Ensure assets are equal to liabilities. E) Post entry to ledger. 156) A record in which the effects of transactions are first recorded and from which transaction amounts are posted to the ledger is a(n): A) Account. B) Trial balance. C) Journal. D) T-account. E) Balance column account.

30 Copyright 2019 Š McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.

Profile for rami talalweh

Test Bank for Fundamental Accounting Principles 24th Edition Wild  

Fundamental Accounting Principles 24th Edition Wild Test Bank 2019 (9781259916960) (1259916960). Instant test bank download. Download from h...

Test Bank for Fundamental Accounting Principles 24th Edition Wild  

Fundamental Accounting Principles 24th Edition Wild Test Bank 2019 (9781259916960) (1259916960). Instant test bank download. Download from h...

Advertisement