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ACCOUNTING CHAPTER 7 TEST

True/False Indicate whether the statement is true or false. ____ ____ ____ ____ ____ ____ ____ ____ ____ 1. The purpose of posting is to show the changes that take place in the business's accounts as a result of financial transactions. 2. Opening an account in a ledger involves writing the account title and the account number on the account form. 3. How often posting occurs depends on the si e of the business! the number of transactions! and whether posting is done manuall" or electronicall". #. The easiest wa" to post is from left to right in a ledger account because there is less chance of omitting data. $. %ver" amount posted will either increase or decrease the balance of a ledger account. &. The notation '(3' in the )osting *eference column of a ledger account indicates the data was posted from general +ournal page 3. ,. %ver" +ournal entr" re-uires a posting to at least two ledger accounts. .. / credit posting to the Office %-uipment account will result in an increase to that account. 0. 1n the preparation of a trial balance! all accounts are listed in the order in which the" appear on the chart of accounts! including those accounts with a ero balance.

____ 12. /n error discovered before posting is usuall" corrected with a +ournal entr". ____ 11. To locate a trial balance error! the first step is to check the postings from the +ournal to the individual ledger accounts. ____ 12. 3hen posting a correcting entr"! the phrase 'correcting entr"' is usuall" written in the %4planation column of the ledger account. ____ 13. / trial balance is prepared after posting is completed. Matching Match each item with the correct statement below. a. correcting entr" f. b. general ledger g. c. ledger h. d. ledger account form i. e. posting ____ ____ ____ ____ 1#. 1$. 1&. 1,. proving the ledger slide transposition error trial balance

____ 1.. ____ 10. ____ 22. ____ 21. ____ 22.

1f "ou were to write 5102 as either 510 or 51!022! this mistake would be called a6n7 ____. %rrors discovered after posting has taken place re-uire a6n7 ____. Transferring data from the +ournal to the ledger is called ____. / periodic report prepared b" a business to test the e-ualit" of total debits and total credits in the ledger is called a6n7 ____. 1f "ou meant to write 52, but wrote 5,2! this mistake is called a6n7 ____. The accounts used b" a business can be kept on pages or cards! which are kept together in a book or file called a6n7 ____. /dding all the debit balances and all the credit balances and then comparing the two totals to see whether the" are e-ual is called ____. The accounting stationer" used to record financial information about specific accounts is a6n7 ____. 3hether accounts are kept manuall" in a special file or electronicall" on magnetic disks or tapes! the ledger is often called a6n7 ____.

Pro le! 23. 8hown below are the steps used in posting a business transaction from the +ournal to the general ledger accounts. *enumber these steps in their proper order! using " for the first step and # for the last step. 1. 2. 3. #. $. 3rite G for general +ournal and the +ournal page number in the )osting *eference column of the ledger account. 3rite the ledger account number in the )osting *eference column of the +ournal. 9ompute and record the new account balance. 3rite the date of the +ournal entr" in the :ate column of the ledger account. %nter the debit or credit amount of the transaction in the appropriate column of the ledger account.

2#. 8hown below are the accounts for ;orris <illing 8ervices. )repare a trial balance as of :ecember 31 of the current "ear. 9ash in <ank /ccounts *eceivable=/aronson's 9omputer %-uipment /ccounts )a"able>?odern Office %-uipment %lena ;orris! 9apital %lena ;orris! 3ithdrawals 1ncome 8ummar" )rofessional @ees /dvertising %4pense *ent %4pense 8upplies %4pense Atilities %4pense 53!3#2.22 ,1$.22 #!$22.22 022.22 &!.&$.22 $$2.22 = 2!322.22 02.22 &22.22 1$2.22 1#2.22

ACCOUNTING CHAPTER 7 TEST Ans$er Section


TRUE/FA%SE 1. 2. 3. #. $. &. ,. .. 0. 12. 11. 12. 13. /;8B /;8B /;8B /;8B /;8B /;8B /;8B /;8B /;8B /;8B /;8B /;8B /;8B T T T T T T T @ T @ @ T T )T8B )T8B )T8B )T8B )T8B )T8B )T8B )T8B )T8B )T8B )T8B )T8B )T8B 1 1 1 1 1 1 1 1 1 1 1 1 1 ;/TB ;/TB ;/TB ;/TB ;/TB ;/TB ;/TB ;/TB ;/TB ;/TB ;/TB ;/TB ;/TB ;<%/ 1./. ;<%/ 1./. ;<%/ 1./. ;<%/ 1./. ;<%/ 1./. ;<%/ 1./. ;<%/ 1./. ;<%/ 1./. ;<%/ 1./. ;<%/ 1./. ;<%/ 1./. ;<%/ 1./. ;<%/ 1./.

MATCHING 1#. 1$. 1&. 1,. 1.. 10. 22. 21. 22. /;8B /;8B /;8B /;8B /;8B /;8B /;8B /;8B /;8B ( / % 1 H 9 @ : < )T8B )T8B )T8B )T8B )T8B )T8B )T8B )T8B )T8B 1 1 1 1 1 1 1 1 1 ;/TB ;/TB ;/TB ;/TB ;/TB ;/TB ;/TB ;/TB ;/TB ;<%/ 1./. ;<%/ 1./. ;<%/ 1./. ;<%/ 1./. ;<%/ 1./. ;<%/ 1./. ;<%/ 1./. ;<%/ 1./. ;<%/ 1./.

PRO&%EM 23. /;8B 1. 2 2. $ 3. # #. 1 $. 3 )T8B 1 ;/TB ;<%/ 1./. 2#. /;8B NoteB )rovide a 2>column accounting form for student use. ;orris <illing 8ervices Trial <alance :ecember 31! 22= 9ash in <ank /ccounts *eceivable=/aronson's 9omputer %-uipment /ccounts )a"able=?odern Office %-uipment %lena ;orris! 9apital %lena ;orris! 3ithdrawals 1ncome 8ummar" 3!3#2.22 ,1$.22 #!$22.22 022.22 &!.&$.22 $$2.22 = =

)rofessional @ees /dvertising %4pense *ent %4pense 8upplies %4pense Atilities %4pense Totals )T8B 1 ;/TB ;<%/ 1./.

2!322.22 02.22 &22.22 1$2.22 __1#2.22 12!2.$.22

________ 12!2.$.22

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