Question

In: Accounting

The purpose of posting is to: record the transactions in chronological order in the journal. provide...

  1. The purpose of posting is to:

    record the transactions in chronological order in the journal.

    provide an explanation of the transaction.

    update the account balances in the ledger.

    correct a previous entry.

QUESTION 2

  1. Posting is performed by transferring information from the journal to the:

    balance sheet.

    trial balance.

    ledger.

    income statement.

QUESTION 3

  1. The general ledger:

    lists the customer names.

    is the book of final entry.

    lists the transactions in chronological order.

    is before the general journal.

QUESTION 4

  1. "PR" in the general journal and general ledger stands for:

    per reviewer.

    posting reference.

    prior receipt.

    post review.

QUESTION 5

  1. The posting reference column in the ledger is:

    used to record the journal and page number the transactions originated.

    used to record the ledger number.

    used to record the date.

    not used.

QUESTION 6

  1. A credit to a liability account was posted to the capital account. This would cause:

    assets to be overstated.

    liabilities to be understated.

    owner's equity to be understated.

    net income to be overstated.

QUESTION 7

  1. A credit to an asset account was posted to a revenue account. This would cause:

    assets to be understated.

    liabilities to be overstated.

    capital to be understated.

    revenue to be overstated.

QUESTION 8

  1. A credit to an asset account was posted to an expense account. This would cause:

    assets to be overstated.

    liabilities to be understated.

    capital to be understated.

    expenses to be understated.

QUESTION 9

  1. A debit to an expense account was posted to an asset account. This would cause:

    assets to be overstated.

    liabilities to be understated.

    capital to be understated.

    expenses to be overstated.

QUESTION 10

  1. A debit to the Capital account was posted to an expense account. This would cause:

    assets to be overstated.

    liabilities to be understated.

    capital to be overstated.

    expense to be overstated.

Solutions

Expert Solution

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

  1. The general ledger:

    is the book of final entry.

QUESTION 4

  1. "PR" in the general journal and general ledger stands for:

    posting reference.

QUESTION 5

  1. The posting reference column in the ledger is:

    used to record the journal and page number the transactions originated.

QUESTION 6

  1. A credit to a liability account was posted to the capital account. This would cause:

    liabilities to be understated.

QUESTION 7

  1. A credit to an asset account was posted to a revenue account. This would cause:

    revenue to be overstated.

QUESTION 8

  1. A credit to an asset account was posted to an expense account. This would cause:

    assets to be overstated.

QUESTION 9

  1. A debit to an expense account was posted to an asset account. This would cause:

    assets to be overstated.

QUESTION 10

  1. A debit to the Capital account was posted to an expense account. This would cause:

    capital to be overstated.


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