Week 2: Quiz Acct 512 Question 1 1 / 1 pts Posting is performed by transferring information from the source documents to the journal. ledger to the journal. source documents to the ledger. Correct! journal to the ledger. Question 2 1 / 1 pts An accounting record that includes a list of accounts and their balances at a given time is called a Correct! trial balance. general journal. general ledger. chart of accounts. Question 3 1 / 1 pts The primary purpose of the trial balance is to disclose the complete effect of a transaction in one place. make sure a journal entry is not posted twice.
transfer journal entries to the ledger accounts. Correct! prove the equality of the debit and credit amounts after posting. Question 4 1 / 1 pts Economic events that require recording in the financial statements are called accounting transactions. Correct! True False Question 5 1 / 1 pts Unearned Service Revenue is classified as a liability on the balance sheet. Correct! True False Question 6 0 / 1 pts An account consists of two parts: (1) a left or debit side and (2) a right or credit side. You Answered True Correct Answer False Question 7 1 / 1 pts
The dividends account is a subdivision of the retained earnings account and appears as an expense on the income statement. True Correct! False Question 8 1 / 1 pts Which account below isnota subdivision of stockholders' equity? Dividends Revenues Expenses Correct! Liabilities Question 9 1 / 1 pts The complete effect of a transaction on the accounts is disclosed in the journal. Correct! True False Question 10 1 / 1 pts For the basic accounting equation to stay in balance, each transaction recorded must affect two or less accounts. Correct! affect two or more accounts. always affect exactly two accounts. affect the same number of asset and liability accounts.
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