Errors discovered after posting has taken place require

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Errors discovered after posting has taken place require a. b. c. d. Changing entry

Errors discovered after posting has taken place require a. b. c. d. Changing entry Correcting entry Fixing it Don’t make mistakes

A(N) ______ is an accounting period of 12 months ending on the last day

A(N) ______ is an accounting period of 12 months ending on the last day of any month except December a. Calendar year b. Fiscal Year c. Memorandum d. leap year

 • Whether accounts are kept manually in a special file or electronically or

• Whether accounts are kept manually in a special file or electronically or magnetic disks or tapes, the ledger is often called a(n) _________ • A. ledger • B. General ledger • C. Ledger account form • D. Journal

If you were to write $190 as either $19 or $1, 900, this mistake

If you were to write $190 as either $19 or $1, 900, this mistake would be called a(n) ____ a. b. c. d. Transposition error Slide Error Stupid Correcting Entry

 • A(n) _______ accounting period begins on January 1 and end on December

• A(n) _______ accounting period begins on January 1 and end on December 31. • • A. Fiscal Year B. Calendar Year C. Leap year D. I can’t believe I don’t know this

 • The various activities a business completes to organize its accounting records in

• The various activities a business completes to organize its accounting records in an orderly fashion is called the ____ • A. source document • B. Journalizing • C. Accounting Cycle • D. Trial balance

 • A periodic report prepared by a business to test the equality of

• A periodic report prepared by a business to test the equality of total debits and total credits in the ledger is called a(n) _____ • A. trial balance • B. general journal • C. journalizing • D. posting

 • A ______ is often called a book of original entry. • •

• A ______ is often called a book of original entry. • • A. Journal B. General Journal C. Ledger D. general ledger

 • Another term used for “recording” a business transaction is _____ • •

• Another term used for “recording” a business transaction is _____ • • A. posting B. journalizing C. correcting D. proving

 • Adding all the debit balances and all the credit balances and then

• Adding all the debit balances and all the credit balances and then comparing the two totals to see whether they are equal is called _______ • A. posting to the journal • B. journalizing • C. Proving the ledger • D. Proving the journal

 • The ______ is an all purpose journal used for recording business transactions.

• The ______ is an all purpose journal used for recording business transactions. • • A. General Journal B. Invoice C. Memorandum D. General Ledger

 • A(N) ______ is any type of business paper that verifies that a

• A(N) ______ is any type of business paper that verifies that a transaction occurred. • • A. memorandum B. Receipt C. Invoice D. Source Document

 • In order to help an owner or manager know the financial condition

• In order to help an owner or manager know the financial condition of a business, accounting records are kept and reported for a certain period of time called an accounting period. • A. true • B. false

 • Dollar signs, commas, and decimals are not used when entering amounts in

• Dollar signs, commas, and decimals are not used when entering amounts in the journal. • A. true • B. false

 • Never erase an error in a journal entry because an erasure looks

• Never erase an error in a journal entry because an erasure looks suspicious. • A. true • B. false

 • To verify a source document means to check the accuracy of the

• To verify a source document means to check the accuracy of the information on it. • A. true • B. false

 • A fiscal period may be one month, three months, six months, or

• A fiscal period may be one month, three months, six months, or even one year, but usually it is one year. • A. true • B. false

 • To record transactions in chronological order means to record them according to

• To record transactions in chronological order means to record them according to the date on which they occurred. • A. true • B. false

 • Recording transactions is the second step in the accounting cycle. • A.

• Recording transactions is the second step in the accounting cycle. • A. true • B. false

 • A journal is like a diary of a business because events are

• A journal is like a diary of a business because events are recorded in chronological order. • A. true • B. false