Self Assessment Quizzes

CHAPTER 7: Section 2 The Posting Process

	1.	The posting reference column is used to

		a.	record the date of entry
		b.	record the amount of the debit
		c.	identify where the journal entry is located
		d.	identify which ledger account is being used

	2.	The fourth step of the accounting cycle is

		a.	posting
		b.	journalizing
		c.	source documents
		d.	analyzing

	3.	Transactions that are itemized in the general journal

		a.	do not always balance
		b.	do not summarize similar transactions into the same location
		c.	do not include activity in the Owner`s Capital account
		d.	list all the activity for an accounting period

	4.	Posting is the process of

		a.	analyzing expenses
		b.	transferring cash to a personal account
		c.	transferring information from the general journal to individual general ledger accounts
		d.	completing the accounting cycle