9) The first step in the recording process is to A



9) The first step in the recording process is to A.prepare a trial balance. B.post to a journal. C.analyze each transaction for its effect on the accounts. D.prepare financial statements.

10) If a company has overdrawn its bank balance, then A.the cash account debits will exceed the cash account credits. B.its cash account will show a credit balance. C.it cannot be detected by observing the balance of the cash account. D.its cash account will show a debit balance.

11) Posting A.involves transferring all debits and credits on a journal page to the trial balance. B.accumulates the effects of journalized transactions in the individual accounts. C.is accomplished by examining ledger accounts and seeing which ones need updating. D.should be performed in account number order.

12) The dividends account A.is increased with debits and decreased with credits. B.must show transactions every accounting period. C.is not a proper subdivision of stockholders' equity. D.appears on the income statement along with the expenses of the business.

13) After journal entries are posted, the reference column A.of the general journal will show "Dr" or "Cr". B.of the general ledger will show journal page numbers. C.of the general ledger will show account numbers. D.of the general journal will be blank.

14) The procedure of transferring journal entries to the ledger accounts is called A.reporting. B.analyzing. C.posting. D.journalizing.

15) Posting of journal entries should be done in A.chronological order. B.alphabetical order. C.dollar amount order. D.account number order.

................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download