Accounting Semester Review--Part 2

Business accounts are kept in a book called a general journal.

• True

• False

_______ is the process of transferring information from the journal to the ledger accounts.

If a transaction is journalized on the 6th, but not posted until the 8th, the date of posting should be ________.

• on the 6th

• the last day of the month

• the first day of the month

• on the 8th

Ideally, all businesses should post on a weekly basis.

• True

• False

When a decimal point is moved by mistake it is called a _______ error.

Every journal entry requires a posting to a liability account.

• True

• False

A list of all the account names and their balances is called _______________.

A working paper used to collect information from the ledger accounts in one place is called a ___________.

The heading answers what three questions? (Check all that apply)

• who

• what

• why

• when

• where

Revenue and Expenses are transferred to the _________________ of the worksheet.

• Income Statement section

• Balance Sheet section

• Adjustments section

• Trial Balance section