Question

Section B Directions: Complete each of the following statements by writing in the Answers column the letter of the word or words that correctly completes each statement or answers the question. (3 points each) or Answers Scoring 1. The order of the flow of financial data accounting information systems is (A) journalize, post, analyze; (B) analyze, journalize, post; (C) journalize analyze, post; (D) analyze, post, journalize; (E) analyze, journalize, analyze, post 2. A chart of accounts doesn't include (A) account balances (B abilities; 3. An example of a source document would be (A) a trial balance; (B) cash; 4. A journal is commonly called (A) an account; (B) a ledger, (C) the book of 5. The journal entry consists of (A) the owner's name; (B) the accounts to be (C) owner's equity; (D) revenue and expenses; (E) assets. (C) an invoice; (D) a general journal; (E) a general ledger original entry; (D) the balance sheet; (E) the cross-reference record. debited and credited; (C) the difference between the debit and credit amounts; (D) a tax number; (E the calculation. 6. In the ledger, the month is recorded (A) with every transaction; (B) by the first entry on the page; (C) for the first and last transactions of the month; (D) at year end; (E) on the first page only 7. In a two-column general journal, the Description column contains (A) a list of all accounts from the chart of accounts (B) a complete, detailed description of each transaction; (C) an explanation of the posting reference; (D) an analysis of the effect of the transactions on the financial status of the company; (E) none of these. 8. Entries requiring more than one debit and/or more than one credit are called (A) compound entries; (B) dual entries; (C) combination entries; (D) double entries; (E) complex entries. 9. Which if the following is true about source documents? (A) They provide objective evidence of business transactions; (B) They provide verifiable evidence of the accuracy of the accounting records; (C) They should be filed for possible future reference; (D) They serve as input for transaction analysis; (E) All of the statements are true 10. To find an error on the trial balance, you should (A) redo all of your ournal entries; (B) double check your addition; (C) trace all dates; (D) have someone else redo the work; (E) add all of the journal entries

Answer 1

Solution

1) "A" is the correct answer

Since we first journalize, then post into accounts and then analyze the financial information.

2) "A" is the correct answer since we doesn't include account balances in the charts of accounts.

3) "C" is the correct answer because through invoices we record the transactions.

4) "C" is the correct answer

Since we usually call the journal a book of original entry

5) "B" is the correct answer

Because the journal entry consist of the accounts to be debited or credited

6) "A" is the correct answer

As we record month with every transaction

7) "E" is the correct answer  

Because in general Journal we record routine transactions

8) "A" is the correct answer

Because we call them a compound entries

9) "E" is the correct answer

Because all the options are a part of source documents.

10)

"B" is the correct answer

We should double-check the arithmatical calculation.