35) A shortened form of an account in the ledger is called a:
A) trial balance. B) balance sheet. C) chart of accounts. D) T-account.
Answer: D Diff: 1
36) The Accounts Receivable account of Nuptials Inc. is shown below. Calculate the ending balance of the account.
) Posting a transaction means:
Diff: 1 LO: 2-3 AACSB: Concept AICPA Functional: Measurement 8) After initially recording a transaction, the data is then transferred to the:
9) The accounting process of transferring a transaction from the journal to the ledger is called:
A) journalizing. B) posting. C) compounding. D) sourcing. Answer: B Diff: 1 LO: 2-3 AACSB: Concept AICPA Functional: Measurement 10) The first step in the journalizing and posting process is to:
11) Which of the following is the order of steps to journalize an entry?
each account →Record the transaction →Determine increase or decrease in each account C) Record the transaction →Identify each account affected →Determine increase or decrease in each account D) Determine increase or decrease in each account →Identify each account affected →Record the transaction LO: 2-3 AACSB: Concept AICPA Functional: Measurement →Record the transaction A B) Identify each account affected →Record the transaction →Determine increase or decrease in each account C) Record the transaction →Identify each account affected →Determine increase or decrease in each account D) Determine increase or decrease in each account →Identify each account affected →Record the transaction LO: 2-3 AACSB: Concept AICPA Functional: Measurement Answer: A Diff: 1 LO: 2-3 AACSB: Concept AICPA Functional: Measurement 12) Which of the following is the fifth and last step in the journalizing and posting process?
Diff: 1 LO: 2-3 AACSB: Concept AICPA Functional: Measurement
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- Fall '16
- taher refaat
- Accounting, Balance Sheet, Generally Accepted Accounting Principles, AACSB
