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 Correcting entry Fixing it Don’t make mistakes
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 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 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 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 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 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. Journal B. General Journal C. Ledger D. general ledger
• 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 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. • • A. General Journal B. Invoice C. Memorandum D. General Ledger
• 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 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 the journal. • A. true • B. false
• 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 information on it. • A. true • B. false
• 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 the date on which they occurred. • A. true • B. false
• 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 recorded in chronological order. • A. true • B. false
- After posting is completed there may be an error if
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