Accounting Procedures
What is the name given to a group of accounts that have a common characteristic, such as all customer accounts?
General journal
Subsidiary ledger
Special journal
General ledger
Subsidiary ledger
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What is bookkeeping?A. The process of keeping a basic record of business transactions
B. The process of providing a record of business transactions to management
C. The process of recording data relating to accounting transactions in the accounting books
D. None of the above
Are assets debited or credited when they increase?
A. Debited
B. Credited
C. Both debited and credited
D. Assets are never recorded in the books of accounts
What account is a firm’s payment to a supplier for merchandise inventory recorded in?
A. Sales journal
B. Cash receipts journal
C. Purchases journal
D. Cash disbursement journal
What are the major objectives of bookkeeping?
A. Keeping the basic record of business transactions
B. Providing this record to the business management
C. Both of the above
D. None of the above
The books of original entry are sometimes referred to as:
A. Books of primary entry
B. Books of safe entry
C. Both of the above
D. None of the above
When we talk about accounting, what kind of job do we mean?
A. Bookkeeping and auditing
B. Bookkeeping only
C. Bookkeeping and consulting
D. Bookkeeping, auditing, consulting, and more
Double entry implies:
A. Recording entries in the journal
B. Recording entries in the ledger account
C. Recording two aspects of every transaction
D. Recording every transaction in the books
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