Student Name and ID (Print Legibly) ________________________________________________________________ True or False/Multiple Guess/Fill in the blank Identify the choice that best completes the statement or answers the question. Carefully and completely fill out this test with the answer that best fits the question. For each answer, clearly circle your choice from the options provided (a, b, c, d, etc.). Dont make me guess, I wont award credit if it isnt obvious.
1. What type of data is found in the general ledger a.a chronological record of all transactionsb.the balance of each account in the chart of accountsc.budget records for each account in the chart of accountsd.subsidiary details supporting a control account
2. Which steps in the Financial Accounting Process are in the correct sequence based on closing the accounts and determining timing differences prior to issuing financial statements a.record the transaction, post to the ledger, prepare the adjusted trial balance, enter adjusting entries, prepare financial statementsb.record the transaction, prepare the unadjusted trial balance, record adjusting journal entries, record closing entries, prepare financial statementsc.record the transaction, post to the ledger, record adjusting entries, prepare the unadjusted trial balance, prepare financial statementsd.prepare the unadjusted trial balance, record the transaction, post to the ledger, prepare the adjusted trial balance, prepare financial statements.
3. Which situation indicates an internal control risk in the General Ledger/Financial Reporting Systems (GL/FRS) Hint The preparer cannot be the same as the reviewer..) a.the employee who maintains the cash journal computes depreciation expenseb.the cash receipts journal voucher is approved by the Janitorc.the cash receipts journal vouchers are prenumbered and stored in a locked safed.the employee who maintains the cash receipts journal records transactions in the accounts receivable subsidiary ledger...
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