11) Proof that the dollar amount of the debits equals the dollar amount of the credits in the ledger means:

A) all of the information from the journal was correctly transferred to the ledger.

B) all accounts have their correct balances in the ledger.

C) only the ledger is accurate; the journal may be incorrect.

D) only that the debit dollar amounts equal the credit dollar amounts.


12) In preparing the trial balance of the K&L’s Bridal Service, the Withdrawal account (which had a normal balance in the general ledger) was listed as a credit for $400. What will be the difference between the debit and credit sides of the trial balance?

A) $150

B) $200

C) $300

D) $800

13) The trial balance:

A) includes all accounts with a balance in the ledger.

B) includes assets, liabilities, capital, withdrawals, revenues and expenses.

C) ensures that debits equal credits.

D) All of the above are correct.


14) To correct an error made in the journal (prior to posting in the ledger):

A) erase the error and write the correct entry.

B) line out the incorrect portion of the entry and write in the correction.

C) ignore the error, it will correct itself in the next accounting period.

D) write a new journal entry correcting the original entry.


15) When the trial balance includes a debit column total of $10,350 and a credit column total of $11,350, it is probable that:

A) a transposition error occurred.

B) a $500 debit was recorded twice.

C) a $500 credit was recorded twice.

D) a $500 debit was recorded as a credit.


16) A trial balance is a list of the accounts and account numbers.


17) The trial balance proves the equality of debits and credits.

18) A slide is evenly divisible by the number 8.


19) The trial balance listing is in the same order as the chart of accounts.


20) Journalizing a transaction with both the debit and the credit for $75 instead of $57 will cause the trial balance to be out of balance.




Source link

Leave a Reply

Your email address will not be published. Required fields are marked *