Which of the following is true? a.The process of transferring information from the journal to the ledger is called journalizing. b.When recording business transactions, it is not important that one use the exact account titles as listed in the chart of accounts. c.The ledger account form maintains a running balance of the account. d.All of these listed answers are correct.

Which of the following is true? a.The process of transferring information from the journal to the ledger is called journalizing. b.When recording business transactions, it is not important that one use the exact account titles as listed in the chart of accounts. c.The ledger account form maintains a running balance of the account. d.All of these listed answers are correct.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter3: Review Of A Company's Accounting System

Section: Chapter Questions

Problem 2GI: What is the relationship between the accounting equation and the double-entry system of recording...

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What is the relationship between the accounting equation and the double-entry system of recording journal entries?
The statement that is NOT CORRECT about the general ledger is __________ . a. postings are based on source documents. b. the T-account format or ledger running balance format may be adopted. c. It follows the sequence of the accounts in the chart of accounts. d. the opening balances are entered before posting current transaction entries.
Which of the following statements is not correct? O A trial balance would help in detecting an error made while transcribing the debit side of a journal entry to the ledger O A journal discloses in one place the complete effects of a transaction O The correct sequence of steps in the recording process is: posting. journalizing, analyzing The chart of accounts is a listing of the accounts and the account numbers which identify their location in the ledger
The process of transferring the debit and credit information from the journal to individual accounts in the general ledger is called journalizing. Question 4 options: True False
Which of the following is false? Select one: a. Recording transactions in separate special journals provides users with a more efficient system and access to specific information. b. Source documents provide evidence for journal entries, which are then posted to the general ledger accounts. c. The opening balances from the general ledger accounts are used to create a trial balance, the financial statements and other reports. d. All of the choices are true
37. MC.03.042 Which of the following is true? a. When recording business transactions, it is not important that one use the exact account titles as listed in the chart of accounts. b. The process of transferring information from the journal to the ledger is called journalizing. c. The ledger account form maintains a running balance of the account. d. All of these listed answers are correct. 38. MC.03.043 The is a book or file containing the activity by accounts of a business. a. journal b. trial balance c. general ledger d. income statement 39. MC.03.044 Posting involves a. transferring information from the journal to the ledger. b. transferring information from the income statement to the statement of owner's equity. c. transferring information from ledger to the journal. d. transferring information from the ledger to the balance sheet. 40. MC.03.045 Which of the following is true concerning posting? a. The amount of the transaction should be recorded in either the debit or credit…
Which of the following is not transferred from the journal to the ledger in the posting process? a.Date b.Explanation c.Debit and credit d.Amount
identify and discuss the steps in the recording process. Be sure to discuss what each step does and how it relates to the steps before and after it. Then, answer the following questions: Should business transactions credits and debits be recorded directly into the ledger accounts? What are the advantages of recording in the journal before posting transactions into the ledger?
Transaction are entered in the ledger accounts and then transferred to journals. The answer is true or false
Choose only one answer as well as state their reasons/rationale for the answer chosen. 8) A data entry application control that is designed to ensure that the total debits in a journal entry equal the total credits is called aa. Sign checkb. Hash totalc. Reasonableness checkd. Zero-balance checke. Financial total
Transferring journal entries to the ledger accounts is called posting and should be performed in chronological order. True of false
ASAP