Question

quick accounting question

1 The amounts in the Adjustments columns are always added to the amounts in the Trial Balance columns to determine the amounts in the Adjusted Trial Balance columns Select one: O True O False 2 Which of the following is not part of the conceptual framework project? Select one or more: a Quantitative characteristics b. Qualitative characteristics. c. Objectives of financial reporting d. Basic elements of financial statements. 3 If the Balance Sheet columns do not balance, the error is most likely to exist in the Select one or more: I a. General ledger. b. General journal c. First six columns of the work sheet. d. Last six columns of the work sheet. 4 All accounting systems currently in use are computerized Select one: O True O False

Answer 1

1. The amounts in the Adjustments columns are always added to the amounts in the Trial Balance columns to determine the amounts in the Adjusted Trial Balance columns.
Answer is True.

2. (a) is correct. Quantitative characteristics is not part of the conceptual framework project.
(b) is incorrect. Qualitative characteristics is a part of the conceptual framework project.

(c) is incorrect. Objectives of financial reporting are a part of the conceptual framework project.

(d) is incorrect. Basic elements of financial statements are a part of the conceptual framework project.

3. (b) is correct. If the Balance Sheets columns do not balance, the error is most likely to be in General journal.

(a) is incorrect. General ledger is made with General journal.

(c) is incorrect. Error can be in any column not only in the first six columns of the worksheet.

(d) is incorrect. Error can be in any column not only in the last six columns of the worksheet.

4. Most accounting systems currently in use are computerised but not all accounting systems currently in use are computerised.

Answer is False.