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ACCT203-DL1 Knowledge Check 01 Correctly identify steps 3 and 4 of the accounting process: Step 3: post entries into the ledger, Step 4: identify transactions
ACCT203-DL1
Knowledge Check 01 Correctly identify steps 3 and 4 of the accounting process: Step 3: post entries into the ledger, Step 4: identify transactions and source documents Step 3: record transactions into the journal; Step 4: post entries into the ledger Step 3: analyze transactions using the accounting equation: Step 4: post entries into the ledger. Step 3: record transactions into the journal: Step 4: analyze transactions using the accounting equation. Knowledge Check 01 The process of recording transaction in a journal is called: Posting Journalizing O Processing Transactioning Knowledge Check 01 Why are posting references entered in the journal when entries are posted to the ledger accounts? Posting references are not completed when entries are posted to the ledger accounts. O To ensure the journal entries balance. O So we will know that the entry has been posted So we will know that the postings need to be approved. Knowledge Check 01 Alex invested $30.000 in cash in his business. How will this entry be posted in the ledger accounts? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.) The $30,000 will be posted to the credit side of the Cash account The $30,000 will be posted to the debilt side of the Cash account The $30,000 will be posted to the debit side of the Common Stock account The $30,000 will be posted to the credit side of the Common Stock account Knowledge Check 01 Which of the following statements is true? The trial balance is completed to ensure that debits and credits are equal in the General Ledger O The trial balance is completed after the balance sheet. O The trial balance calculates net income for the period. O The trial balance is a financial statement distributed to owners and investors. Knowledge Check 01 If a credit balance in Unearned Revenue (a liability account) is incorrectly listed as a credit balance in the Sales Revenue account (a revenue account), is the trial balance still in balance? Yes No erences Knowledge Check 01 Select the correct reporting time period for each financial statement. Items Item 1: Item 2: Item 3: Item 4: Income Statement Balance Sheet Statement of Retained Earnings Statement of Cash Flows Period of time Point in time Knowledge Check 01 Indicate the order the financial statements are prepared. Items Item #1 Item #2 Item #3 Item #4 Statement of Retained Earnings Balance Sheet Income Statement Statement of cash Flows 1 N 3 4 Step by Step Solution
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