FINANCIAL ACCOUNTING ASSIGNMENT 5 QUIZ AND ANS (100% SOLVED)

FINANCIAL ACCOUNTING ASSIGNMENT 5 QUIZ AND ANS (100% SOLVED)

Which of the following gives the correct sequence of accounting procedures? - ✔✔✔–General
journal, general ledger, trial balance



An entry on the left side of an account is called? - ✔✔✔–a debit



Which of the following procedures involves transferring amounts recorded in the general
journal to the general ledger accounts? - ✔✔✔–posting



When a company obtains a loan from the bank, it should - ✔✔✔–debit cash and credit notes
payable



An owner withdrawal of cash from the business would be recorded by: - ✔✔✔–a credit to cash
and a debit to withdrawal



When a company purchases supplies on credit, it should - ✔✔✔–debit supplies and credit
accounts payable



Which of the following accounts is increased with a credit? - ✔✔✔–Accounts Payable



A chronological record of all transactions and the place where transactions are first recorded is
referred to as the - ✔✔✔–general journal



When a company receives and immediately pays a telephone bill, it should - ✔✔✔–debit
telephone expense and credit cash



A book or file that contains all of the company's accounts arranged in order of the c hart of
accounts is called a - ✔✔✔–general ledger