Multiple Choice

22) Entries are recorded in the journal: a) Alphabetically b) By date (chronologically) c) in the order of account numbers used d) Randomly 23) The document which records the activities and balances of each specific account is called a: a) General journal b) General Ledger c) Financial statement d) Trial balance 24) A trial balance proves that: a) Each journal entry has been posted only once b) All transactions have been recorded c) Total debits equals total credits d) There are no errors in the accounting records 25) Which fundamental characteristic of requires that information is free from material error and bias? a) Relevance b) Understandability c) Comparability d) Reliability