CPB / BookKeeping Journalizing and Posting Transactions Questions and Answers

Question 1

Which of the following describes the process of transferring information from the journal to the general ledger?

Accepted Answer

Posting

Answer

Journalizing

Answer

Analyzing

Answer

Reconciling

Question 2

A small business purchases $500 of office supplies on credit. Which is the correct journal entry to record this transaction?

Accepted Answer

Debit Office Supplies $500, Credit Accounts Payable $500

Answer

Debit Cash $500, Credit Office Supplies $500

Answer

Debit Accounts Payable $500, Credit Office Supplies $500

Answer

Debit Office Supplies $500, Credit Cash $500

Question 3

The primary purpose of a journal in accounting is to:

Accepted Answer

Provide a chronological record of all business transactions.

Answer

Summarize the balances of all asset and liability accounts.

Answer

Report the financial position of the company at a specific point in time.

Answer

Ensure that all adjusting entries have been made correctly.

Question 4

An error where a transaction is recorded in the wrong account, such as debiting an expense instead of an asset, is known as an error of:

Accepted Answer

Principle

Answer

Omission

Answer

Commission

Answer

Transposition

Question 5

A bookkeeper for XYZ Corp. receives a $2,000 payment from a customer for services previously rendered and invoiced. The journal entry to record this cash receipt would be:

Accepted Answer

Debit Cash, Credit Accounts Receivable

Answer

Debit Sales Revenue, Credit Cash

Answer

Debit Accounts Receivable, Credit Cash

Answer

Debit Cash, Credit Sales Revenue

Question 6

Which of the following is the correct sequence of steps in the accounting cycle?

Accepted Answer

Journalize Transactions, Post to Ledger, Prepare Trial Balance

Answer

Post to Ledger, Journalize Transactions, Prepare Trial Balance

Answer

Prepare Trial Balance, Journalize Transactions, Post to Ledger

Answer

Post to Ledger, Prepare Trial Balance, Journalize Transactions