Accounting Exam 2 Chapter 4-6
questions and answers 2025 already
graded A+
Book of original Entry - answer the journal or the first formal
accounting record of a transaction
Chart of account - answer a list of all accounts used by a business
Compound entry - answer a general journal entry that affects more
than two accounts
correcting entry - answer an entry to correct an incorrect entry
that has been journalized and posted to the wrong account
cross-reference - answer the information in the posting reference
columns of the journal and ledger that provides a link between the
journal and ledger
General ledger - answer a complete set of all the accounts used by
a business- the general ledger accumulates a complete record of the
debits and credits made to each account as a result of entries made
in the journal
general ledger account - answer an account with columns for the
debit or credit transaction and columns for the debit and credit
running balance
journal - answer a day-by-day listing of the transactions of a
business
, journalizing - answer entering the transactions in a journal
posting - answer copying the debits and credits from the journal to
the ledger accounts
ruling method - answer a method of correcting an entry in which a
line is drawn through the error and the correct information is placed
above it.
slide error - answer an error that occurs when debit or credit
amounts "slide" a digit or two to the left or right
source document - answer any document that provides information
about a business transaction
Transposition error - answer an error that occurs when two digits
are reversed
trial balance - answer a list used to prove that the totals of the
debit and credit balances in the ledger accounts are equal
Two-column general journal - answer a journal with only two
amount columns, one for debit amounts and one for credit amounts.
accrual basis of accounting - answer a method of accounting under
which revenues are recorded when earned and expenses are
recorded when incurred
adjusted trial balance columns - answer the third pair of amount
columns on the work sheet. They rea used to prove the equality of
the debits and credits in the general ledger accounts after making
all end-of-period adjustments
questions and answers 2025 already
graded A+
Book of original Entry - answer the journal or the first formal
accounting record of a transaction
Chart of account - answer a list of all accounts used by a business
Compound entry - answer a general journal entry that affects more
than two accounts
correcting entry - answer an entry to correct an incorrect entry
that has been journalized and posted to the wrong account
cross-reference - answer the information in the posting reference
columns of the journal and ledger that provides a link between the
journal and ledger
General ledger - answer a complete set of all the accounts used by
a business- the general ledger accumulates a complete record of the
debits and credits made to each account as a result of entries made
in the journal
general ledger account - answer an account with columns for the
debit or credit transaction and columns for the debit and credit
running balance
journal - answer a day-by-day listing of the transactions of a
business
, journalizing - answer entering the transactions in a journal
posting - answer copying the debits and credits from the journal to
the ledger accounts
ruling method - answer a method of correcting an entry in which a
line is drawn through the error and the correct information is placed
above it.
slide error - answer an error that occurs when debit or credit
amounts "slide" a digit or two to the left or right
source document - answer any document that provides information
about a business transaction
Transposition error - answer an error that occurs when two digits
are reversed
trial balance - answer a list used to prove that the totals of the
debit and credit balances in the ledger accounts are equal
Two-column general journal - answer a journal with only two
amount columns, one for debit amounts and one for credit amounts.
accrual basis of accounting - answer a method of accounting under
which revenues are recorded when earned and expenses are
recorded when incurred
adjusted trial balance columns - answer the third pair of amount
columns on the work sheet. They rea used to prove the equality of
the debits and credits in the general ledger accounts after making
all end-of-period adjustments
