For the basic accounting equation to stay in balance each transaction recorded

For the basic accounting equation to stay in balance

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5.For the basic accounting equation to stay in balance, each transactionrecorded musta.change no more than one accountb.affect two or more accountsc.always affect exactly two accountsd.affect only one account6.The left side of an account isa.blankb.a description of the accountc.the debit sided.the balance of the account7.A T-account isa.a way of depicting the basic form of an accountb.a special account used instead of a journalc.a special account used instead of a trial balanced.used for accounts that have both a debit and credit balance
Chapter 2 Questions28.Thedouble-entrysystemrequiresthateachtransactionmustberecordeda.in at least two different accountsb.in two sets of booksc.in a journal and in a ledgerd.first as a revenue and then as an expense9.An account will have a credit balance if thea.credits exceed the debitsb.first transaction entered was a creditc.debits exceed the creditsd.last transaction entered was a credit10. The usual sequence of steps in the transaction recording process is: a.journal, analyse, ledgerb.analyse, journal, ledgerc.journal, ledger, analysed.ledger, journal, analyse11.In recording accounting transactions, evidence that a transaction hastaken place is obtained froma.source documentsb.the trial balancec.the ledgerd.the journal12.A journal providesa.the balances for each accountb.information about a transaction in several different placesc.a list of all accounts used in the businessd.a chronological record of transactions13.A complete journal entry does not showa.the date of the transactionb.the new balance in the accounts affected by the transactionc.a brief explanation of the transactiond.the accounts and amounts to be debited and credited14.The purpose of the ledger is toa.record chronologically the day’s transactionsb.keep a record of documentation to support each transactionc.keep in one place all information about changes in specificaccount balancesd.make sure that all assets and liability accounts have normalbalances at all times
Chapter 2 Questions315.The ledger accounts should be arranged ina.chronological orderb.alphabetical orderc.financial statement orderd.order of appearance in the journal16.The principle purpose of posting is toa.help identify errors made in the journalb.accumulatetheeffectsofjournalisedtransactionsintheindividual accountsc.enter transactions directly into the ledgerd.help determine if the financial statements are ready to beprepared

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