GENERAL ACCOUNTING - SKILLS ASSESSMENT This examination consists of 20 questions. Please mark an (X) in the space provided on the multiple-choice questions and write in the correct answer on the other questions. 1. What is a general ledger? A ledger containing accounts in which are classified all the transactions of a business enterprise 2. A supporting ledger consisting of a group of accounts, the total of which is in agreement with a control account A supporting record of foxed assets owned showing cost and accumulated depreciation A ledger containing all the customer accounts showing charges collections, and the unpaid balance A ledger containing all the general obligations in alphabetical order. 2. Indicate the "Debit" and "Credit" side of the following: Any Asset Account Any Liability Account 3. Indicate which of the following items represent a proper posting to the general ledger Any Account Any Account Any Account Any Account Any Account Any Account Any Account Any Account 5. None of the above What is the usual sequence found in a bank reconciliation? Balance Balance Balance Balance Less Add Add Balance per bank Deposits in transit Checks outstanding Balance per books Less Add Less Less Add Balance Balance Balance Balance 5. Indicate which entry records collections on account. Cash Accounts Payable Cash Accounts Receivable Cash Accounts Receivable Cash Accounts Payable 6. Indicate whether the balances in the following accounts are generally debitor credit. Debit Credit Assets Liabilities Equity Income Expense Check 4 journals most often found in a bookkeeping system. General Journal Cash receipts journal Accounts receivable ledger Payroll journal Cash disbursements journal Petty cash Acct Common journal Balancing journal Fixed Assets ledger 8. Indicate the grouping which shows the arithmetic normally found in asset and liability accounts. Assets Beg. Balance Minus Liabilities Beg. Balance Plus Plus Minus Liabilities Beg Assets Beg. Balance Plus Plus Minus Balance Minus Assets Beg Liabilities Beg. Plus Balance Minus Balance Minus Plus Assets Beg. Balance Minus Plus Liabilities Beg Minus Balance Plus