In: Accounting
The purpose of posting is to:
record the transactions in chronological order in the journal. |
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provide an explanation of the transaction. |
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update the account balances in the ledger. |
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correct a previous entry. |
QUESTION 2
Posting is performed by transferring information from the journal to the:
balance sheet. |
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trial balance. |
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ledger. |
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income statement. |
QUESTION 3
The general ledger:
lists the customer names. |
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is the book of final entry. |
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lists the transactions in chronological order. |
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is before the general journal. |
QUESTION 4
"PR" in the general journal and general ledger stands for:
per reviewer. |
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posting reference. |
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prior receipt. |
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post review. |
QUESTION 5
The posting reference column in the ledger is:
used to record the journal and page number the transactions originated. |
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used to record the ledger number. |
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used to record the date. |
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not used. |
QUESTION 6
A credit to a liability account was posted to the capital account. This would cause:
assets to be overstated. |
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liabilities to be understated. |
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owner's equity to be understated. |
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net income to be overstated. |
QUESTION 7
A credit to an asset account was posted to a revenue account. This would cause:
assets to be understated. |
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liabilities to be overstated. |
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capital to be understated. |
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revenue to be overstated. |
QUESTION 8
A credit to an asset account was posted to an expense account. This would cause:
assets to be overstated. |
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liabilities to be understated. |
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capital to be understated. |
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expenses to be understated. |
QUESTION 9
A debit to an expense account was posted to an asset account. This would cause:
assets to be overstated. |
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liabilities to be understated. |
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capital to be understated. |
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expenses to be overstated. |
QUESTION 10
A debit to the Capital account was posted to an expense account. This would cause:
assets to be overstated. |
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liabilities to be understated. |
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capital to be overstated. |
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expense to be overstated. |
QUESTION 1
The purpose of posting is to:
update the account balances in the ledger. |
QUESTION 2
Posting is performed by transferring information from the journal to the:
Ledger
QUESTION 3
The general ledger:
is the book of final entry. |
QUESTION 4
"PR" in the general journal and general ledger stands for:
posting reference. |
QUESTION 5
The posting reference column in the ledger is:
used to record the journal and page number the transactions originated. |
QUESTION 6
A credit to a liability account was posted to the capital account. This would cause:
liabilities to be understated. |
QUESTION 7
A credit to an asset account was posted to a revenue account. This would cause:
revenue to be overstated. |
QUESTION 8
A credit to an asset account was posted to an expense account. This would cause:
assets to be overstated. |
QUESTION 9
A debit to an expense account was posted to an asset account. This would cause:
assets to be overstated. |
QUESTION 10
A debit to the Capital account was posted to an expense account. This would cause:
capital to be overstated. |
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