Which the process of transferring information from journal

Assignment Help Financial Accounting
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

Reference no: EM132899817

Questions Cloud

Develop new beverage product concept : Develop a new beverage product concept that can be brought to market by 2021. The product should have broad appeal for the US market
Which actions would not be consistent with good management : Which actions would not be consistent with good management? Which actions should Paperang Inc. take if it wants to reduce its cash conversion cycle?
What will be the effect on the desired ending inventory : Assuming that the company maintains its policy for desired ending inventories, What will be the effect on the desired ending inventory of finished product?
Common tool used in strategic planning : A SWOT Analysis is a very common tool used in strategic planning.
Which the process of transferring information from journal : Which the process of transferring information from the journal to the ledger is known as? How do accountants correct errors found later?
Clear strategic vision regarding their organization : Why is it critical for company managers to have a clear strategic vision regarding their organization?
How do accountants correct errors found immediately : A mistake caused by changing the order of digits when transferring figures from one place to another is known as? How do accountants correct errors found?
Which errors would cause the trial balance to be balanced : If a trial balance is out of balance and the difference is divisible by 2, then? Which errors would cause the trial balance to be balanced but not correct?
Diversification benefits that domestic sectors : Globalization is supposed to provide diversification benefits that domestic sectors in US can not.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Determine the amount of sales revenue the company

Complete the sales budget by filling in the missing amounts and determine the amount of sales revenue the company will report on its pro forma income statement for the first quarter?

  Accounting reflects both a willingness to change

The Act of 2010 to modernize German accounting reflects both a willingness to change as well as to retain traditional German accounting practices. Required Do you agree with the preceding statement? Explain.

  One of the most difficult challenges i encountered in

one of the most difficult challenges i encountered in operating expense budgets had to do with sandbagging. sandbagging

  Format income statement at break-even point

Complete the contribution format income statement at break-even point for the company showing the appropriate levels of sales for the two products. (Do not round intermediate calculations. Round your final answers to the nearest dollar amount.)

  How did the transaction affect shareholders equity

Piper Corporation, Give the journal entry to record the issuance of the stock. How did the above transaction affect shareholders' equity?

  What was bennett basis in fedderman shares

What was Bennett's basis in Fedderman shares for determining gain or loss from the sale to Gibbs? Bennett and Malik each owned 100 shares of 200 issued shares

  What labor rate should the company charge

What labor rate should the company charge? A company total lavor and overhead costs are expected to be $194,804 for 4,874 hours. The company desires a profit

  How much would be the actual return on plant assets

Fair value of plan assets, December 317,900,000 and Settlement rate 10%. How much would be the actual return on plant assets

  How much in net sales will Heller Company recognize

The company records total sales of $935,000, with a cost of merchandise to Heller of $374,000. How much in net sales will Heller Company recognize

  Used bottling equipment-calculate the depreciation expense

Used bottling equipment was acquired by Summit Brewing at a cost of $900,000 on August 1, 2010. Its estimated salvage value is $ -0- and its expected life is five years. Calculate the depreciation expense (round to the nearest dollar) by each of the ..

  What classified statement of financial position as of dec

What is the classified statement of financial position as of December 31,2019. Customs owed the company $40, 500 at December 31.

  Calculate the after-tax cash flow from the sale of the truck

Your firm is purchasing an assets, Calculate the after-tax cash flow from the sale of the truck (aka after-tax salvage value). Your firm's tax rate is 30%.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd