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Accounting
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28 Nov 2019

After analyzing transactions, the next step would be to post the transaction in the ledger. True/False

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Jean Keeling
Jean KeelingLv2
26 Sep 2019
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Related questions

TRUE or FALSE

  1. Accumulated Depreciation is a permanent account.
  2. The dividends account is a temporary account.
  3. The accumulated depreciation is closed to the income summary account.
  4. Office equipment is an example of a current asset account.
  5. The amount of the net income for a period appears on both the income statement and the balance sheet for the period.
  6. Generally accepted accounting principles require accrual-basis accounting.
  7. Unearned revenue is a liability.
  8. The financial statement is prepared from the unadjusted trial balance.
  9. After analyzing transactions, the next step is to post the transaction in the ledger.
  10. Prepaid insurance is an example of a current asset.Ā 

The proper sequence for the steps in the accounting cycle is as follows:

Ā 

  1. analyze and record transactions, post-transaction to the ledger, prepare a trial balance, prepare financial statements, journalize closing entries, analyze adjustment data and prepare to adjust entries

  2. prepare a trial balance, analyze adjustment data, prepare to adjust entries,Ā  prepare financial statements, journalize closing entries and post to the ledger, analyze and record transactions, post transactions to the ledger

  3. analyze and record transactions, post transactions to the ledger, prepare a trial balance, analyze adjustment data, prepare to adjust entries,Ā  prepare financial statements, journalize closing entries and post to the ledger

  4. prepare financial statements, journalize closing entries and post to the ledger, analyze and record transactions, post transactions to the ledger, prepare a trial balance, analyze adjustment data, prepare to adjust entries.

Question #1: Exploring Double Entry Systems Ledgers

True

False

Question #2: In the COLUMNAR ACCOUNT the balance is updated after each entry.

True

False

Question #3: In Bookkeeping we group all Bank & Cash Accounts in the Cash Book.

True

False

Question #4: In Bookkeeping we group all Supplier Accounts in the Purchase Ledger.

True

False

Question #5: In Bookkeeping we group all Customer Accounts in the Purchase Ledger.

True

False

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