Self Assessment Quizzes

CHAPTER 7: Section 3 Preparing a Trial Balance

	1.	A list of all the account names and their balances is called

		a.	a chart of accounts
		b.	a ledger balance
		c.	an account balance
		d.	a trial balance

	2.	When two digits within an amount are reversed it is called

		a.	crossing your fingers
		b.	a slide error
		c.	a transposition error
		d.	a ledger error

	3.	Adding all the debit balances, then adding all the credit balances and comparing the two to see if they are equal is called

		a.	proving the ledger
		b.	balancing the ledger
		c.	recording the entries
		d.	completing the accounting cycle

	4.	Make a correcting entry when

		a.	the error is discovered before it is posted
		b.	someone tells you to
		c.	the error is discovered after it is posted
		d.	no one is looking

	5.	If debits do not equal credits, the first step to find the error is to

		a.	call your manager and ask for advice
		b.	add the debit and credit columns again
		c.	review the journal entries for errors
		d.	none of the above

	6.	When a decimal point is moved by mistake it is called

		a.	a transposition error
		b.	a slide error
		c.	sliding into home
		d.	an equality error