Question : 51. The chronological record in which transactions initially recorded in the : 1224874

51. The chronological record in which transactions are initially recorded in the order in which they occur is called a: 
A. balance sheet.
B. chart of accounts.
C. trial balance.
D. general journal.

52. A list of all active accounts and their balances at a particular date, which is used to prove the equality of debits and credits, is called a: 
A. chart of accounts.
B. general ledger.
C. general journal.
D. trial balance.

53. The process of transferring amounts from the book of original entry into the ledger is referred to as: 
A. journalizing.
B. posting.
C. analyzing.
D. classifying.

54. The term for the process of recording accounting transactions in the general journal is: 
A. analyzing.
B. journalizing.
C. posting.
D. classifying.

55. When the amount for a debit entry in a general journal is transferred to a specific account in the general ledger, it must be posted as a: 
A. debit to the account in the general ledger.
B. credit to the account in the general ledger.
C. total amount, without regard to debit or credit, since the general ledger accounts do not have spaces for debit and credit entries.
D. decrease to the account in the general ledger.

56. Which of the following statements is true? 
A. If a debit entry is made to an account in the general journal, the same account will receive a credit entry when the amount is posted to the general ledger.
B. If all transactions are correctly posted to the general ledger, the sum of the accounts with debit balances should be equal to the sum of the accounts with credit balances.
C. Posting occurs when numbers in the general ledger accounts are transferred to the general journal.
D. If the sum of the debit balances equals the sum of the credit balances, this proves that there were no mistakes made in the posting process.

57. Which of the following statements is true? 
A. An entry in a general ledger account can be traced to the trial balance by referring to the page listed in the posting reference column of that ledger account.
B. The posting of an amount recorded in the general ledger can be verified by referring to the account number listed in the posting reference column on that line in the general journal.
C. Business transactions are recorded first in the general ledger, then that information is transferred to the general journal.
D. No explanation is needed for any entry in the general journal.

58. A trial balance is a(n): 
A. optional financial statement used only by creditors.
B. tool used to prove the equality of debits and credits in the general ledger.
C. list of accounts and their balances taken from the chart of accounts.
D. financial statement which can be used in place of a balance sheet.

59. If the sum of the debits is not equal to the sum of the credits in a trial balance, then: 
A. there is no concern because the two amounts are not meant to be equal.
B. the chart of accounts does not balance.
C. it is safe to proceed with the preparation of financial statements.
D. it is likely that an error was made in journalizing or posting transactions or in computing the account balance.

60. Which of the following financial reports determines if the accounting equation is in balance? 
A. Journal entry
B. Income statement
C. Trial balance
D. Account reconciliation