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Journals & Ledgers in Accounting Chapter Exam

Exam Instructions:

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

Page 1

Question 1 1. Which one is not a column in a cash payments journal?

Question 2 2. If an order from the same supplier has multiple items that have the same purpose (i.e. inventory to be resold), how many debits and credits are needed to record the purchase?

Question 3 3. The book that contains every single transaction that has occurred in a business and is recorded in chronological order is called a _____.

Question 4 4. The Post Ref column in the general journal:

Question 5 5. In a situation when a company takes in $50 cash for payment on a customer account, what accounting transaction is reported in the cash receipts journal?

Page 2

Question 6 6. Where can you find a list of accounts that should be listed in the general ledger?

Question 7 7. What type of system uses subsidiary ledgers to increase profits by tracking detailed information?

Question 8 8. The book of final entry is called the:

Question 9 9. What are prepaid expenses?

Question 10 10. The chart of accounts is broken down into _____ types of accounts.

Page 3

Question 11 11. What determines how many line items are posted in a purchase transaction?

Question 12 12. Which of the following is NOT an example of a controlling account?

Question 13 13. Which column is used to record special cash payments that do not fit into any other column?

Question 14 14. When an order is received on account for products that will be used in manufacturing, what transaction is posted?

Question 15 15. Why is it important to post cash receipts in a cash receipts journal?

Page 4

Question 16 16. A complete journal entry will always have both a _____.

Question 17 17. The general ledger is used to directly create which financial document?

Question 18 18. The type of account that 'shows what a company owes' is a(n) _____ account.

Question 19 19. What type of account may be affected when cash is received?

Question 20 20. What is the name of the reference that indicates where an entry into the general ledger came from?

Page 5

Question 21 21. What are unearned revenues?

Question 22 22. Which of the following is not recorded in a cash payments journal?

Question 23 23. A(n) _____ is a listing of all the accounts of a business and their balances and is created after all transactions for a period have been journalized and posted.

Question 24 24. The type of account that shows the cash inflows of a company due to operations is a(n) ___________ account.

Question 25 25. When an order is received on account for products that are intended for resale, what transaction is posted?

Page 6

Question 26 26. What kind of purchases go into a cash payment journal?

Question 27 27. What is accrued revenue?

Question 28 28. The ____________ is a company's master account book, with all of the various accounts in one place.

Question 29 29. What is the term used to describe a group of similar accounts that are put together under a controlling account?

Question 30 30. The description is an important part of the journal entry because:

Journals & Ledgers in Accounting Chapter Exam Instructions

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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