Question : 71. When a company uses special journals, the general journal used : 1256313

71. When a company uses special journals, the general journal is used for selected transactions and events including: 
A. Recording adjusting transactions.
B. Posting transactions to special journals.
C. Accumulating debits and credits.
D. Collecting detailed listings of amounts.
E. Recording cash receipts.

72. The ledger that contains the financial statement accounts of a company is the: 
A. General ledger
B. General journal
C. Special ledger
D. Special journal
E. Column balance ledger

73. A subsidiary ledger: 
A. Includes transactions not covered by special journals.
B. Is a listing of all of the accounts of a business.
C. Is a listing of individual accounts with a common characteristic.
D. Is also called a general ledger.
E. Is also called a special journal.

74. A subsidiary ledger that contains a separate account for each supplier of the company is a(n): 
A. Controlling account
B. Accounts receivable ledger
C. Accounts payable ledger
D. General ledger
E. Special journal

75. An accounts payable ledger is: 
A. A subsidiary ledger that contains an account for each of the company’s suppliers.
B. A list of the balances of all the accounts in the accounts receivable ledger that is added to show the total amount of accounts receivable outstanding.
C. A book of original entry that is designed and used for recording only a specific type of transaction.
D. The ledger that contains the financial statement accounts of a business.
E. A subsidiary ledger that contains a separate account for each party that grants both short-term and long-term credit on account to the company.

76. Assume that a company uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursements journal, and a general journal. A sales return for credit on account would be recorded in the: 
A. Sales journal
B. General journal
C. Cash receipts journal
D. Accounts receivable ledger
E. Cash disbursements journal

77. An accounts receivable ledger is: 
A. A subsidiary ledger that contains an account for each credit customer.
B. A list of the balances of selected accounts in the accounts receivable ledger that is added to show the total amount of the significant accounts receivable outstanding.
C. A book of original entry that is designed and used for recording only a specified type of transaction.
D. The ledger that contains the financial statement accounts of a business.
E. A subsidiary ledger that contains a separate account for each creditor (supplier) to the company.

78. The use of an Accounts Payable controlling account: 
A. Reduces the number of accounts in the subsidiary ledger.
B. Reduces the total number of accounts maintained.
C. Reduces the number of entries in the general journals.
D. Reduces the number of accounts in the general ledger.
E. Increases the number of columns in the journals.

79. Subsidiary ledgers provide all the following benefits except: 
A. Remove excessive detail from the general ledger.
B. Provide up-to-date information on customer or other specific account balances.
C. Aid in error identification for individual accounts.
D. Help with division of labor (recordkeeping tasks).
E. Allow users to record any transactions.

80. The accounts receivable ledger: 
A. Is for recording credit sales.
B. Is for storing transactions data for individual customers.
C. Is for storing transactions data for individual creditors.
D. Is for recording cash receipts from customers.
E. Is also the controlling account.