1. What is the book of original entry for basic transactions?

A) general journal B) general ledger C) special journals D) none of the above are correct

2. What is posting?

A) recording entries in the general journal B) recording entries in the general ledger accounts C) transferring totals from the journal to general ledger accounts D) none of the above

3. What is the posting reference used for?

A) updating the general journal B) audit trail C) none of the above

4. Where do we find the detail around accounts payable?

A) AP GENERAL LEDGER B) GENERAL JOURNAL C) BALANCE SHEET D) NONE OF THE ABOVE

5. Where do I find details related to a customer?

A) AP ledger B) AR ledger C) general journal D) none of the above

6. what type of an account can be used to represent a general ledger account

A) T account B) Y Account C) none of the above

7. total debits must equal total credits

A) true B) false

8. WHICH ELEMENTS ARE REQUIRED TO RECORD A TRANSACTION ON THE BOOKS

A) EXCHANGE B) QUANTIFIED IN US DOLLARS C) NOT INVOLVE A CONTINGENCY D) ALL OF THE ABOVE ARE REQUIRED

9. Cash consists of currency, checks and coins

A) yes B) no C) not always