Accounting Transactions Quiz

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Questions and Answers

Qual es le procedura correcte post haber registrate un entry in le general journal?

Ritorna al Home window e selige Reports, Financials, Trial Balance. (correct)

Inventa un nove account pro le entry.

Imprime immediate le journal.

Delete le entry immediatemente.

Que symbolo indica que tu puede 'drill down' in le trial balance?

Un magnifying glass con un signo de plus. (correct)

Un cursor con un signo minus.

Un cursor standard.

Un symbolo de question.

Qual es le methodo preferite pro corriger un erro in un journal?

Delete le entry incorrecte e recommenciar.

Ignorar le erro e proceder como usual.

Crear un journal entry contrarie pro reversar le erro. (correct)

Scribere un annotation in le journal.

Qual es le quantità initiale de Transaction 2?

$42,000 Signup and view all the answers

Quo tu debe facer si tu non lembra le numero de account pro un loan?

Consultari le chart of accounts. Signup and view all the answers

Que detayos appare in le trial balance post le prime transaction?

Le saldos actual de le Bank e J.Lucas, Capital accounts. Signup and view all the answers

Qual es le definition de 'drilling down' in le contextus de accounting?

Movente de un resumo a detailes plus specific. Signup and view all the answers

Que resulta pro le quantitate in le Bank account post le prime transaction?

$20,000 Signup and view all the answers

Qual es le total de Transaction 5?

2,612.68 Signup and view all the answers

Qual es le principal avantage del balance column account?

Ha spatio pro le account balance. Signup and view all the answers

Qual es le base in Transaction 12?

600 Signup and view all the answers

Qual de le sequente transactiones non contine HST?

Transaction 10 Signup and view all the answers

Quo significate 'opening an account' in le contabilidade?

Es le processu de crear un nove account. Signup and view all the answers

Quo es le error causa del trial balance si le difference es un numero par?

Non es possibile que sia un error de transposition. Signup and view all the answers

Qual es le montante de HST in Transaction 3?

1,018.88 Signup and view all the answers

Quotiens le HST es calculat per le valore del base pro Transaction 7?

13.00% Signup and view all the answers

Qual es le resultato de postare un debito como credit?

Le total de credit es minore per le duple del errore. Signup and view all the answers

Qual es le total de Transaction 19?

15,969.02 Signup and view all the answers

Quo es le second passu in le processu de posting?

Registrar le numero del journaling in le account. Signup and view all the answers

Perque le cuenta de ledger non es generalmente arrangiate alphabeticamente?

Le arrangement es relative al tipo de conta. Signup and view all the answers

Qual es le percentuale de HST in le base de Transaction 22?

10.25% Signup and view all the answers

¿Qué es le base de Transaction 18?

3,000 Signup and view all the answers

Quo indica un numero de account in le journal?

Le journaling es completate. Signup and view all the answers

Qual es le effetto de un errore de transposition in le trial balance?

Le difference es sempre divisibile per 9. Signup and view all the answers

Qual de le sequente montantes representa le HST in Transaction 14?

109.20 Signup and view all the answers

Qual es le montante de base in Transaction 26?

82.44 Signup and view all the answers

Le que total es correct pro Transaction 9?

678 Signup and view all the answers

Qual es le base in Transaction 16?

995 Signup and view all the answers

Qual es le valore de HST in Transaction 23?

202.80 Signup and view all the answers

Study Notes

Transactions

Multiple transactions are listed in the table provided
Each transaction has a base amount, HST, and a total amount
Transaction 3 requires correcting entries to adjust total amounts

Accounting Terms

An account title is the name of the account being considered
Balance column accounts are used for recording debits and credits and have a space to record the balance
A correcting journal entry is used to rectify errors in the original journal entries
Cross-referencing verifies accuracy and helps track financial interactions
Decimal point errors occur when a decimal point is placed incorrectly, creating a significant error
Forwarding refers to carrying over a balance from one period to the next
Opening an account is establishing a new account for a specific record-keeping purpose
Posting is the process of transferring information from the journal to the ledger
Transposition errors occur when digits are accidentally switched, creating a discrepancy in recorded values

Chapter 7 Review Exercise: Using Your Knowledge

The balance column account provides a dedicated space for recording the current balance
Both sides of an account page are utilised, with the front for debits and the back for credits
Step 2 of the posting process involves recording the journal page number in the account
Recording the journal page number in the account is performed within the journal itself
Establishing a new account is known as opening an account, not forwarding
Taking off a trial balance represents the fourth step in the accounting cycle
A trial balance is an important document that reflects the equality of debits and credits in the ledger
A transposition error can still occur if the trial balance difference is an even amount, particularly if the difference is divisible by 9
A zero trial balance difference indicates a balanced and accurate ledger
Posting a debit as a credit incorrectly results in a trial balance credit total that is smaller than the debit total by twice the error amount
The majority of transactions influence two or more accounts
Ledger accounts can be arranged in various ways, not just alphabetically, to facilitate searching
Recording the account number in the journal signifies the completion of item posting
Transposition errors and incorrectly classifying items as debits or credits can affect the trial balance, causing it to be unbalanced or have inaccurate totals

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Description

Este quiz evalua tua comprehension de transacciones in contabilidade. Tu debera identificar errorres, comme errores de punto decimal e transposicion, e apply correctiones. Explora le terminologia essentiale, como le entries de journale e le balance de cuentas.