Reference no: EM132899817

Problem 1: How do accountants correct errors found later?

Option 1: Create new entry

Option 2: Cross it out

Option 3: Erase it

Option 4: White-it-out

Problem 2: Which of the following statements is not true?

Option 1: Journalizing precedes posting

Option 2: Journalizing errors should be erased and a correct entry made

Option 3: Debit entries are entries involving the left-hand side of an account

Option 4: Asset accounts are increased by debit entries

Problem 3: The process of transferring information from the journal to the ledger is known as:

Option 1: Journalizing

Option 2: Opening an account

Option 3: Posting

Option 4: Forwarding