Third Periodical Examination Technology and Livelihood Education Essay Example

What columnar sheet of paper is used to summarize information needed to prepare the financial statements of the business?

1. General Journals.
2. Trial Balance
3. General Ledgerd.
4. Worksheet

Posting is the process of transferring information from what?

1. Ledger to the financial statements.
2. Ledger to the trial balance
3. Journal to the ledgerd.
4. Journal to the trial balance

What is the process of adding columns of figures and recording the temporary totals using a pencil?

1. Adjusting.
2. Footing
3.  Closing.
4. Journalizing

Why do accountants record transactions in the journal?

1.  To ensure that all transactions are posted to the ledger.
2. To have a chronological record of all transactions.
3. To ensure that total debits equal total credits.
4. To help prepare the financial statements.

Which of the following is the purpose of the trial balance?

1. Speed the collection of cash receipts from customers.
2. Ensure that all transactions have been recorded.

3. >Indicate whether total debits equal total credits.

4. Increase assets and owner’s equity.

The earning of revenue that is not received in cash is recorded as what?

1.  Debit to Revenue and Credit to Accounts Receivable
2.  Debit to Accounts Receivable and Credit to Revenue
3.  Debit to Accounts Payable and Credit to Revenue
4.  Debit to Cash and Credit to Revenue

It presents the original trial balance plus or minus the adjustments.

1.  Adjusted Trial Balances.
2. Unadjusted Balance Sheet
3. Unadjusted Trial Balanced.
4. Adjusted Income Statement

What cycle is performed and related to gathering, classifying, and reporting useful financial information?

1. Accounting Cyclic.
2. Journalizing Cycle
3. Auditing Cycle.
4. Posting Cycle

Why does the accountant find a worksheet useful?

1. It helps the accountant to organize data and compute the net income or loss for the period.
2. It helps the accountant prepare end-of-period financial statements.
3. It helps the accountant prepare adjusting an