5. Who controls user access and monitors user activity?A. Individual usersB. Master SupervisorC. ComptrollerD. Master Administrator6. What account type is considered a liability?A. Fixed AssetsB. Accounts ReceivableC. BankD. Accounts Payable7. Opening balances are entered:A. via the Gear menuB. on the day the expenses were incurredC. on the Chart of AccountsD. as a Journal Entry or directly into the account register

Correct option is (D) Master administrator. Master administrator is a person who is also known as…

. Master Supervisor E. Comptroller . Master Administrator What account type is considered a liability? Fixed Assets Accounts Receivable Bank . Accounts Payable Opening balances are entered: - via the Gear menu . on the day the expenses were incurred on the Chart of Accounts lournal Entry or directiv into the cCount register

. Master Supervisor E. Comptroller . Master Administrator What account type is considered a liability? Fixed Assets Accounts Receivable Bank . Accounts Payable Opening balances are entered: - via the Gear menu . on the day the expenses were incurred on the Chart of Accounts lournal Entry or directiv into the cCount register

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 21MC: ________ takes all transactions from the journal during a period and moves the information to a...

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Similar questions

________ takes all transactions from the journal during a period and moves the information to a general ledger (ledger). A. Hitching B. Posting C. Vetting D. Laxing
PA4. Use the journals and ledgers that follow. Total the journals. Post the transactions to the subsidiary ledger and (using T-accounts) to the general ledger accounts. Then prepare a schedule of accounts receivable.
7. Opening balances are entered: A. via the Gear menu B. on the day the expenses were incurred C. on the Chart of Accounts D. as a Journal Entry or directly into the account register 8. Which accounts in the Chart of Accounts CANNOT be deleted? A. Accounts added by other users B. Preset accounts or those linked to other features C. Asset accounts D. All of them 9. What type of account is a credit card account? A. Asset B. Liability C. Equity D. Revenue
Choose only one answer as well as state their reasons/rationale for the answer chosen. 8) A data entry application control that is designed to ensure that the total debits in a journal entry equal the total credits is called aa. Sign checkb. Hash totalc. Reasonableness checkd. Zero-balance checke. Financial total
Identify the normal balance (debit [Dr] or credit [Cr]) for each of the following accounts: __________ Accounts Receivable. __________Equipment.
A credit memorandum results in a(n) ___ in a customers accounts receivable file. A. memo B. decrease C. Transer D. Increase
. The branch records a debit memo received from the home asA. Debit to home office accountB. Debit to allocated expenseC. Debit to investment accountD. Credit to home office account
The statement that is NOT CORRECT about the general ledger is __________ . a. postings are based on source documents. b. the T-account format or ledger running balance format may be adopted. c. It follows the sequence of the accounts in the chart of accounts. d. the opening balances are entered before posting current transaction entries.
The process of posting is the transfer of debits and credits from the O a. T accounts to the journal. Ob. T accounts to the ledger. O c. journal to the ledger. O d. ledger to the journal.
Question Record the above transactions into the “T” accounts.
The process of transferring the debits and credits from the journal entries to the accounts is called A. sliding B. transposing C. posting
Below are the steps in the measurement process of external transactions. Arrange them from first (1) to last (6).__________ a. Post the transaction to the T-accounts in the general ledger.__________ b. Assess whether the impact of the transaction results in a debit or credit to account balances.__________ c. Use source documents to identify accounts affected by an external transaction.__________ d. Analyze the impact of the transaction on the accounting equation.__________ e. Prepare a trial balance.__________ f. Record the transaction using debits and credits.