Reference no: EM132782470

Problem 1: Of the following errors, the one that will cause an inequality in the trial balance totals is

Option 1: failure to record a transaction.
Option 2: recording the same transaction more than once.
Option 3: posting a transaction to the wrong account.
Option 4: ncorrectly computing an account balance.

Problem 2: Office supplies are expensed

Option 1: at no time, since they are assets.
Option 2: when they are paid for.
Option 3: when they are purchased.
Option 4: when they are consumed (used up).

Problem 3: Which of the following statements is false about a proper journal entry?

Option 1: It may have more than one debit or credit entry,
Option 2: A space should be skipped between journal entries.
Option 3: Credits are always indented.
Option 4: Accounts that are increased are always listed first.

Problem 4: Transactions are recorded chronologically in the

Option 1: Ledger
Option 2: T-account
Option 3: Daybook.
Option 4: journal.