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A company's ledger is:

a. A record containing increases and decreases in a specific asset, liability, equity, revenue, or expense item.

b. A journal in which transactions are first recorded.

c. A collection of documents that describe transactions and events entering the accounting process.

d. A list of all identification numbers used by the company.

e. A record containing all accounts and their balances used by the company.

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Joshua Stredder
Joshua StredderLv10
12 Jan 2021
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Related questions

2.5. Match the following terms with their definitions.

Term

_____a. dataprocessing cycle

_____b. source documents

_____c. turnaround documents

_____d. source data automation

_____e. general ledger

_____f. subsidiary ledger

_____g. control account

_____h. coding

_____i. sequence code

_____j. block code

_____k. groupcode

_____l. mnemonic code

_____m. chart ofaccounts

_____n. general journal

_____o. specialized journal

_____p. audittrail

_____q. entity

_____r. attribute

_____s. field

_____t. record

_____u. datavalue

_____v. master file

_____w. transactionfile

_____x. database

_____y. batchprocessing

_____z. online, real-time processing

Definition

1. Contains summary-level data for every asset, liability, equity,revenue, and expense account

2. Items are numbered consecutively to account for all items; missingitems cause a gap in the numerical sequence

3. Path of a transaction through a data processing system from pointof origin to final output, or backward from final output to pointof origin

4. List of general ledger account numbers; allows transaction data tobe coded, classified, and entered into proper accounts; facilitatespreparation of financial statements and reports

5. Contents of a specific field, such as Γ’Β€ΒœGeorgeҀ in a name field

6. Portion of a data record that contains the data value for aparticular attribute, like a cell in a spreadsheet

7. Company data sent to an external party and then returned to thesystem as input

8. Used to record infrequent or nonroutine transactions

9. Characteristics of interest that need to be stored

10. Thesteps a company must follow to efficiently and effectively processdata about its transactions

11. Something about which information is stored

12. Storescumulative information about an organization; like a ledger in amanual AIS

13. Contains detailed data for any general ledger account with manyindividual subaccounts

14. Contains records of individual business transactions that occurduring a specific time period

15. Updating each transaction as it occurs

16. Devicesthat capture transaction data in machine-readable form at the timeand place of their origin

17. Used torecord large numbers of repetitive transactions

18. Set ofinterrelated, centrally coordinated files

19. Two ormore subgroups of digits are used to code items

20. Updating done periodically, such as daily

21. Systematic assignment of numbers or letters to items to classifyand organize them

22. Lettersand numbers, derived from the item description, are interspersed toidentify items; usually easy to memorize

23. Initialrecord of a transaction that takes place; usually recorded onpreprinted forms or formatted screens

24. Fieldscontaining data about entity attributes; like a row in aspreadsheet

25. Sets ofnumbers are reserved for specific categories of data

26. Thegeneral ledger account corresponding to a subsidiary ledger, wherethe sum of all subsidiary ledger entries should equal the amount inthe general ledger account

13.
value:
4 points

What would be the appropriate entry for the followingtransaction?
Bill Co. performed $5,200 in consulting services on account


1.Credit to Cash, Debit to Accounts Receivable

2.Debit to Revenue, Debit to Cash

3.Debit to Accounts Receivable, Credit to Cash

4.Debit to Revenue, Credit to Cash

5.Debit to Accounts Receivable, Credit to Revenue

14.
value:
4 points

Which of the following is the appropriate journal entry if acompany performs a service and then bills the customer?


1.Debit to Cash, Debit to Revenue

2.Debit to Cash, Credit to Revenue

3.Debit to Accounts Receivable, Credit to Cash

4.Debit to Revenue, Credit to Accounts Receivable

5.Debit to Accounts Receivable, Credit to Revenue

15.
value:
4 points

Of the following accounts, the one that normally has a creditbalance is:


1.Cash

2.Office Equipment

3.Sales Salaries Payable

4.Dividends

5.Sales Salaries Expense

16.
value:
4 points

For what reason do most sellers require customers to have theirreceipts in order to exchange or return purchased items?


The receipt contains coded information which the seller needs toprepare and analyze the trial balance.

Sellers wish to ensure that the sale in question was rung up on theregister in the first place.

This is a legal requirement mandated by a federal law.

The receipt is serving as a promissory note.

To create an environment in which customer's do not want to returnitems.

17.
value:
4 points

A ledger is:


A record containing increases and decreases in a specific asset,liability, equity, revenue or expense item

A journal in which transactions are first recorded

A collection of documents that describe transactions and eventsduring the accounting process

A list of all accounts with their debit balances at a point intime

A list of all accounts a company uses and includes anidentification number assigned to each account

18.
value:
4 points

Stride Rite has total assets of $425 million. Its total liabilitiesare $110 million. Its equity is $315 million. Calculate the debtratio.


38.6%

13.4%

34.9%

25.9%

14.9%

19.
value:
4 points

The accounting process begins with:


Analysis of business transactions and events

Preparation of financial statements and other reports

Summarizing the recorded effects of business transactions

Presentation of financial information to decision-makers

Preparation of the trial balance

20.
value:
4 points

Which of the following statements is correct?


When a future expense is paid in advance, the payment is normallyrecorded in a liability account called Prepaid Expense

Promises of future payment are called accounts payable

Increases and decreases in cash are always recorded in the retainedearnings account

An account called Land is commonly used to record increases anddecreases in both the land and buildings owned by a business

Accrued liabilities include accounts receivable

21.
value:
4 points

The adjusted trial balance contains information pertainingto:


Asset accounts only

Balance sheet accounts only

Income statement accounts only

All general ledger accounts

Revenue accounts only

22.
value:
4 points

A classified balance sheet:


Measures a company's ability to pay its bills on time

Organizes assets and liabilities into important subgroups

Presents revenues, expenses and net income

Reports operating, investing and financing activities

Reports the effect of profit and dividends on retainedearnings

23.
value:
4 points

If accrued salaries were recorded on December 31 with a credit toSalaries Payable, the entry to record payment of these wages on thefollowing January 5 would include:


A debit to Cash and a credit to Salaries Payable

A debit to Cash and a credit to Prepaid Salaries

A debit to Salaries Payable and a credit to Cash

A debit to Salaries Payable and a credit to Salaries Expense

No entry would be necessary on January 5

24.
value:
4 points

If a company records prepayment of expenses in an asset account,the adjusting entry would:


Result in a debit to an expense and a credit to an assetaccount

Cause an adjustment to prior expense to be overstated and assets tobe understated

Cause an accrued liability account to exist

Result in a debit to a liability and a credit to an assetaccount

Decrease cash
A. Posting
B. Mixed Accounts
C. Liabilities
D. Trial Balance
E. General ledger account
F. Debit
G. Asset
H. Revenues
I. Temporary Equity Accounts
J. Worksheet
K. Expenses

1. Cost that relate to the earning of revenue
2. Something a company owns of value
3. Listing of the ending balances of all ledger accounts thatproves the equality of total debits and credits
4. The left side of a T account
5. Process of transferring accounts and amounts from a journal toledger
6. Complete record of transactions recorded in each individualaccount
7. Working paper that is used to record adjustments and gatherinformation to prepare the financial statements
8. Accounts that are partly income statement and partly balancesheet accounts
9. Account classifications that are closed into the Income Summaryaccount
10. The credit to Income Summary the total

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