Quiz 2.

2 14/06/2022, 23:16

Quiz 2.2 Total points 10/10

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of this form.

Transactions are entered in the ledger accounts and then transferred to *1/1
journals.

True

False

A trial balance may balance even when each of the following occurs *1/1
except when:

a transaction is not journalized.

a journal entry is posted twice.

incorrect accounts are used in journalizing.

a transposition error is made.

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Quiz 2.2 14/06/2022, 23:16

The usual sequence of steps in the transaction recording process is: * 1/1

journal -> analyze -> ledger.

analyze -> journal -> ledger.

journal -> ledger -> analyze.

ledger -> journal -> analyze.

A list of accounts and their balances at a given time is called a(n): * 1/1

journal.

posting.

trial balance.

income statement.

The final step in the recording process is to: * 1/1

analyze each transaction.

enter the transaction in a journal.

prepare a trial balance.

transfer journal information to ledger accounts.

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Quiz 2.2 14/06/2022, 23:16

After a business transaction has been analyzed and entered in the book *1/1
of original entry, the next step in the recording process is to transfer
the information to:

the company’s bank.

owner’s equity.

ledger accounts.

financial statements.

A trial balance would only help in detecting which one of the following *1/1
errors?

A transaction that is not journalized

A journal entry that is posted twice

Offsetting errors are made in recording the transaction

A transposition error when transferring the debit side of journal entry to the
ledger

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Quiz 2.2 14/06/2022, 23:16

After transaction information has been recorded in the journal, it is *1/1

transferred to the:

trial balance.

income statement.

book of original entry.

ledger.

A simple journal entry requires only one debit to an account and one *1/1
credit to an account.

True

False

A trial balance is a listing of: * 1/1

transactions in a journal.

the chart of accounts.

general ledger accounts and balances.

the totals from the journal pages.

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