Question 7: Which of the following statement about control accounts is not correct?

Select one:

a. they follow the normal rules of debit and credit.

b. they provide summarised data.

c. they appear in the trial balance.

d. they appear in the subsidiary ledger.

Question 8: Posting is the process of transferring information from the

Select one:

a. journal to the ledger

b. ledger to the Financial Statements

c. journal to the trial balance

d. ledger to the trial balance

Question 9: Assets, liability and equity accounts are considered to be

Select one:

a. equity accounts

b. permanent accounts.

c. capital accounts.

d. temporary accounts.

Question 10: The debit balance of the trial balance is $256,000 and the credit balance of the trial balance is $265,000. This indicates which of the following?

Select one:

a. An account was posted for an incorrect amount

b. An account was posted twice

c. An account was not posted

d. Any of the above might have occurred