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47) A general journal gives a complete record of each transaction in one place, and shows the debits and credits for each transaction. Answer: TRUE Difficulty: 1 Easy Topic: Journalizing and Posting Transactions Learning Objective: 02-P1 Record transactions in a journal and post entries to a ledger. Bloom's: Remember AACSB/Accessibility: Communication / Keyboard Navigation AICPA: BB Industry; FN Decision Making 48) The general journal is a collection of all accounts and their balances. Answer: FALSE Difficulty: 1 Easy Topic: Journalizing and Posting Transactions Learning Objective: 02-P1 Record transactions in a journal and post entries to a ledger. Bloom's: Remember AACSB/Accessibility: Communication / Keyboard Navigation AICPA: BB Industry; FN Decision Making 49) At a given point in time, a trial balance is a list of all ledger accounts and their balances. Answer: TRUE Difficulty: 1 Easy Topic: Preparing a Trial Balance Learning Objective: 02-P2 Prepare and explain the use of a trial balance. Bloom's: Remember AACSB/Accessibility: Communication / Keyboard Navigation AICPA: BB Industry; FN Decision Making 50) Errors made in journalizing transactions, posting to the ledger, and preparing the trial balance can still exist in a balanced trial balance. Answer: TRUE Difficulty: 2 Medium Topic: Preparing a Trial Balance Learning Objective: 02-P2 Prepare and explain the use of a trial balance. Bloom's: Remember AACSB/Accessibility: Analytical Thinking / Keyboard Navigation AICPA: BB Industry; FN Decision Making

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Test Bank for Fundamental Accounting Principles 24th Edition Wild  

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