Decor

The total of the subsidiary ledger accounts is equal to the:

Select one:

a. Control account

b. Contributed capital account

c. General journal account

d. Special journal account 

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The amounts in the subsidiary ledgers eventually get posted to the corresponding control account in the general ledger. Therefore, they must be in balance.

The correct answer is: 

Control account

Question 2

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The first two headings in every special journal are:

Select one:

a. Debit and Credit

b. Account and PR

c. Date and PR 

d. Date and Account

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Date, Account and PR are headings in every special journal. However, Date and Account always appear as the first two headings.

The correct answer is: 

Date and Account

Question 3

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Accounts receivable transactions that result from credit sales are first recorded in the:

Select one:

a. Disbursements journal

b. General journal

c. Purchases journal

d. Sales journal 

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Accounts receivables are mainly used to keep a record of sales made on account. Therefore, they are recorded in the sales journal.

The correct answer is: 

Sales journal

Question 4

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After making a purchase from a supplier, the purchasing company receives a/an:

Select one:

a. Invoice

b. Journal

c. Ledger

d. Purchase order 

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An invoice provides evidence and information about the purchase made by the company. Journals and ledgers are used to record that purchase.

The correct answer is: 

Invoice

Question 5

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Journals, ledgers and worksheets are:

Select one:

a. Basic elements of a manual accounting system

b. Examples of trial balances

c. Names of the primary financial statements

d. Secondary elements of paper-based accounting systems 

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