General ledger questions - Study guides, Class notes & Summaries

Funeral Arts National Board Exam ACTUAL Exam Questions and CORRECT Answers Register of all the general ledger accounts - CORRECT ANSWER - Will Show profits and losses of a business Difference between currents assets and liabilities. When current assets exceed liabilities - CORRECT ANSWER - Working Capital

3. The running balance form or the T account form is typically used in the trial balance to display the accounts and their amounts. True False 4. Dividends are an expense of a corporation and reduce both total assets and liabilities. True False 5. Dividends increase owners’ equity and therefore should be added to retained earnings. True False 6. Every business transaction is recorded by a debit to a balance sheet account and a credit to an income statement account. True False 7. Earn...

AIS Test 1 Questions with 100% Verified Correct Answers Complete General Ledger - Correct Answer contains summary-level data for every asset, liability, equity, revenue, and expense account Sequence Code - Correct Answer items are numbered consecutively to account for all items; missing items cause a gap in the numerical sequence Audit Trail - Correct Answer Path of a transaction through a data processing system from point of origin to final output, or backwards from final output to point...

Accounting Information Systems Test Bank 14th Edition (Romney, 2017), Questions and Answers- All Chapters. Part I: Conceptual Foundations of Accounting Information Systems 1. Accounting Information Systems: An Overview 2. Overview of Transaction Processing and Enterprise ¿Resource Planning Systems 3. Systems Documentation Techniques 4. Relational Databases Part II: Control and Audit of Accounting Information Systems 5. Fraud 6. Computer Fraud and Abuse Techniques 7. Control and Accounting Infor...

BBK99E1 Practical Final Exam Questions and Answers Sheets. Basic Bookkeeping – Level 1 F I N A L EX A M V4.0 CU07-08-FEB07 PRACTICAL EXAM ANSWER SHEETS No. of Pages to this Answer Sheet Section: Name: Total available marks from Practical Exam Questions: 60 The Online Exam is made up of 50 multiple choice and/or True or False questions. Each question is worth 2 marks. Of the 50 questions, 30 are directly related to the information you will enter on the Answer Sheets during the Practica...

Peregrine Exam Questions | Questions and Correct Answers | Latest Update 2024/2025 | 100% PASS What is a general ledger? - Answer -A general ledger account is an account or record used to sort, store and summarize a company's transactions. asset accounts such as Cash, Accounts Receivable, Inventory, Investments, Land, and Equipment liability accounts including Notes Payable, Accounts Payable, Accrued Expenses Payable, and Customer Deposits stockholders' equity accounts such as C...

Intuit Academy Bookkeeping Professional Certificate: Bookkeeping Tested Exam Questions Reviewed And Revised With Correct Answers Already Passed!! 1) General Journal - ANSWER organized chronologically A list of transactions 2) Posting to the Ledger - ANSWER transfer transactions entered in the journal to the general ledger and categorize transactions by account 3) Accounting Cycle - ANSWER a collective process of identifying, analyzing, and recording the ...

Bookkeeping Basics UPDATED Exam Questions and CORRECT Answers What is the first step in the accounting cycle? a) Preparing financial statements b) Making adjustments c) Posting transactions to the general ledger d) Reviewing source documents and analyzing transactions - CORRECT ANSWER - d) Reviewing source documents and analyzing transaction

Bookkeeping Ch 1-6 Questions and Answers Already Passed What is the primary purpose of bookkeeping? The primary purpose of bookkeeping is to systematically record and organize financial transactions to provide accurate financial information. What is an account in bookkeeping? An account is a record used to track financial transactions related to a specific asset, liability, equity, revenue, or expense. What is the difference between a debit and a credit? A debit increases a...

AAT Level 2 - Bookkeeping Controls Questions and Answers 100% Pass What is the function of a sales ledger in bookkeeping? The sales ledger records all transactions related to sales on credit, including amounts owed by customers and details of each sale. How should discrepancies between internal records and the bank statement be addressed? Discrepancies should be reviewed and investigated to determine the cause, and necessary adjustments should be made to ensure accuracy in the recor...