Revision -

Match the following - Journals to Ledgers

• To record infrequent Cash Payments

• Why do we have a Sundries column in the Cash Receipts journal?

• record infrequent,non-cash transactions

• What is the role of Journals?

• sort, classify, summarise transactions

• Why do we have a Sundries column in the Cash Payments journal?

• To record infrequent Cash Receipts

• What is the role of General Journal?

• Totals are posted, makes it efficient

• What is the benefit of posting from Special Journals to ledger accounts in the General Ledger?

Match the following - Ledgers

• summarise transactions affecting account

• General Ledger is

• collection of all ledger accounts.

• Role of General Ledger is to sort and summarise financial data to transform the data into information that

• can be used in the financial reports.

• Ledger account

• other ledger affected by a transaction

• The purpose of Cross-reference when posting entries to the General Ledger is to record the name of the

Match the following - Footing, Balancing

• Assets, Liabilities

• Accounts that are balanced are

• Assets

• Accounts having an opening balance on the Credit side are

• Bank

• Accounts having an opening balance on the Debit side are

• Owner's Equity, Revenues, Expenses

• Account which can have a balance on the Debit or Credit side is

• Liabilities, Capital

• Accounts that are footed are

Match the following - Trial Balance

• debit and credit entries were reversed

• A list of all accounts in the General Ledger and their balances

• Role/Purpose of Trial Balance

• Accounts that are balanced are

• Assets, Liabilities

• Trial Balance will not detect the recording error if in the General Ledger

• Trial Balance

• Trial Balance will detect the recording error if in the General Ledger

• there are two debits

• To determine if total debits equal total credit in the General Ledger

Match the following - Qualitative Characteristic

• Verifiability

• Trial Balance can verify if total debits and credits are in the General Ledger.

  Hence, accountants can check that

• financial information is faithful

• Source documents contain data that is used to create financial information and provide evidence of the original price. They achieve verifiability as financial information is

• faithful representation of what occurred

• Financial information should allow different knowledgeable and independent observers to agree that the event is faithfully represented