DAY 3 - LEDGER AND TRIAL BALANCE

POST TEST

1. Used to classify effects of the transactions to the account.

a. Special Journals
b. Journal
c. Memo
d. Ledger

2. It is prepared before adjusting entries where its purpose is to check the equality of debits and
credits.
a. Post-closing trial balance
b. Unadjusted trial balance
c. Adjusted trial balance
d. Trial card balance

3. It is used to cross-reference journal entries to ledger.

a. Purchase Reference
b. Referral Code
c. Cross Referral Number
d. Posting-reference

4. The preparation of trial balance is required because it helps in revealing some errors.
a. True
b. False
c. Maybe
d. This time

5. Are addition to their related accounts.

a. Contra Accounts
b. Adjunct Accounts
c. Nominal Accounts
d. Real Accounts

6. Are deductions to their related accounts.

a. Contra Accounts
b. Adjunct Accounts
c. Nominal Accounts
d. Real Accounts
7. Cash 1,000
Accounts Receivable 2,100
Allowance for Doubtful Accounts 500
Prepaid Rent 100

What is the total balance of assets?

a. 2,700
b. 3,700
c. 1,700
d. 3,200

Solution: 1,000 + 2,100 - 500 + 100 = 2,700

8. If the beginning balance of cash is 500 and the business paid 100 and received 200 from
customer, how much is the ending balance of cash?
a. 500
b. 700
c. 600
d. 800

Solution: 500 - 100 + 200 = 600

9. Asset is 350, liability is 100, what is the balance of owner’s equity?

a. 250
b. 450
c. 350
d. 100

Solution: 350 - 100 = 250

10. It is committed when the number of digits in the amount is incorrectly increased or
decreased.
a. Transplacement Error
b. Transplant Error
c. Error of balance
d. Transposition Error

11. Concept that state that every transaction has two fold effects, the value you received and the
value parted with.
a. Duality
b. Equilibrium
c. Dualupa
d. Equality
12. It provides a breakdown of balances of controlling account.
a. Break it down
b. Ledger
c. Subsidiary Ledger
d. Break Through

13. Also called as “book of secondary entries” or “book of final entries”.

a. Book of life
b. Book of memos
c. Ledger
d. Journal

14. Process of classifying the effects of transactions.

a. Posting
b. Journalizing
c. Processing
d. Recording

15. A graphical representation of a general ledger that records business transaction. Account
title at the top horizontal line of the T.
a. Total Debits and Credits
b. Title accounts
c. T-accounts
d. Ting Aling