4 Interactive Quiz A

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Interactive Quiz A http://highered.mcgraw-hill.com/sites/0072996536/student_view0/chapter4/interactive_quiz_a.html[6/22/2010 6:36:47 PM] Interactive Quiz A (See related pages) Results Reporter Out of 26 questions, you answered 3 correctly with a final grade of 12% 3 correct (12%) 23 incorrect (88%) 0 unanswered (0%) Your Results: The correct answer for each question is indicated by a . INCORRECT The typical accounting worksheet has five sets of columns with each set having a debit column on the left and a credit column on the right. In moving from left to right across the worksheet, which of the following lists describes the proper order for four of these sets of columns? A) Adjustments, Adjusted Trial Balance, Unadjusted Trial Balance, and Income Statement B) Adjustments, Adjusted Trial Balance, Income Statement, and Balance Sheet C) Adjusted Trial Balance, Adjustments, Income Statement, and Balance Sheet D) Adjustments, Adjusted Trial Balance, Balance Sheet, and Income Statement E) Unadjusted Trial Balance, Adjustments, Income Statement, and Adjusted Trial Balance Feedback: The correct order of the five sets is Unadjusted Trial Balance, Adjustments, Adjusted Trial Balance, Income Statement, and Balance Sheet. Item B has four of these items in the proper order. INCORRECT In the context of the worksheet, what do the terms debit and credit mean? A) There are ten numbered columns; columns 1 through 5 are for debits and columns 6 through 10 are for credits. B) There are five sets of columns with each set having two adjacent columns. Within each set the column on the left is the credit column and the column on the right is the debit column. C) There are five sets of columns with each set having two adjacent columns. Within each set the column on the left is the debit column and the column on the right is the credit column. D) There are ten numbered columns; columns 1 through 5 are for credits and columns 6 through 10 are for debits. E) None of the above is correct. Feedback: There are five sets of numbered columns with each set having two adjacent columns. Within each set the column on the left is the debit column and the column on the right is the credit column. INCORRECT A company accountant has started to prepare a ten-column worksheet as shown in the chapter. She calculates the amount of an adjustment and is about to enter it in the Adjustments column but cannot locate the name of the account on the worksheet. What should she do? A) Go back to the general ledger. Open an account with the proper name. Enter the adjustment into the newly created account and then re-enter the adjustment on the worksheet. B) If there is no proper account name on the worksheet, she cannot enter the adjustment on the worksheet. C) Go back to the Chart of Accounts and add a new account to it. Enter the adjustment into the general journal and then transfer it to the worksheet without having posted it to the general ledger.
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4 Interactive Quiz A - Interactive Quiz A Home > Chapter...

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