Accounting Transactions Quiz
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Accounting Transactions Quiz

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@AgileAsh

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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?

    <p>$42,000</p> Signup and view all the answers

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

    <p>Consultari le chart of accounts.</p> Signup and view all the answers

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

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

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

    <p>Movente de un resumo a detailes plus specific.</p> Signup and view all the answers

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

    <p>$20,000</p> Signup and view all the answers

    Qual es le total de Transaction 5?

    <p>2,612.68</p> Signup and view all the answers

    Qual es le principal avantage del balance column account?

    <p>Ha spatio pro le account balance.</p> Signup and view all the answers

    Qual es le base in Transaction 12?

    <p>600</p> Signup and view all the answers

    Qual de le sequente transactiones non contine HST?

    <p>Transaction 10</p> Signup and view all the answers

    Quo significate 'opening an account' in le contabilidade?

    <p>Es le processu de crear un nove account.</p> Signup and view all the answers

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

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

    Qual es le montante de HST in Transaction 3?

    <p>1,018.88</p> Signup and view all the answers

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

    <p>13.00%</p> Signup and view all the answers

    Qual es le resultato de postare un debito como credit?

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

    Qual es le total de Transaction 19?

    <p>15,969.02</p> Signup and view all the answers

    Quo es le second passu in le processu de posting?

    <p>Registrar le numero del journaling in le account.</p> Signup and view all the answers

    Perque le cuenta de ledger non es generalmente arrangiate alphabeticamente?

    <p>Le arrangement es relative al tipo de conta.</p> Signup and view all the answers

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

    <p>10.25%</p> Signup and view all the answers

    ¿Qué es le base de Transaction 18?

    <p>3,000</p> Signup and view all the answers

    Quo indica un numero de account in le journal?

    <p>Le journaling es completate.</p> Signup and view all the answers

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

    <p>Le difference es sempre divisibile per 9.</p> Signup and view all the answers

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

    <p>109.20</p> Signup and view all the answers

    Qual es le montante de base in Transaction 26?

    <p>82.44</p> Signup and view all the answers

    Le que total es correct pro Transaction 9?

    <p>678</p> Signup and view all the answers

    Qual es le base in Transaction 16?

    <p>995</p> Signup and view all the answers

    Qual es le valore de HST in Transaction 23?

    <p>202.80</p> 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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    Related Documents

    Chapter 7 - Posting (Accounting)

    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.

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