Submitted by: Submitted by salshammo
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Category: Business and Industry
Date Submitted: 10/03/2016 05:51 PM
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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