Bookkeeping Cycle Quiz No. 1
5 Questions
| Attempts: 565
True or False.
Questions and Answers
- 1.It is the task of recording, classifying and summarizing of financial transactions and events.
- A.
Journal Entry
- B.
Bookkeeping
- C.
Debit
- D.
Credit
- 2.Refers to an entry on the left side of an account.
- A.
Debit
- B.
Credit
- C.
Account Tittle
- D.
Date
- 3.Refers to an entry on the right side of an account.
- A.
Debit
- B.
Credit
- C.
Account Tittle
- D.
Date
- 4.The purpose of posting to a ledger is to apply the deposits and charges to the specific account in which they belong.
- A.
True
- B.
False
- 5.A ledger is a compilation of accounts.
- A.
True
- B.
False
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