Reading 30: Financial Reporting Mechanics - LOS g ～ Q1-4

答案和详解如下：

1.The best description of the general ledger is that it:

A)   groups accounts into the categories that are presented in the financial statements.

B)   shows if new entries need to be recorded and reflected in an adjusted trial balance.

C)   sorts the entries in the general journal by account.

D)   is where journal entries are first recorded.

The correct answer was C)    

Information flows through an accounting system in four steps:
1. Journal entries record every transaction, showing which accounts are changed by what amounts. A listing of all the journal entries in order by date is called the “general journal.”
2. The general ledger sorts the entries in the general journal by account.
3. At the end of the accounting period, an initial trial balance is prepared that shows the balances in each account. If any adjusting entries are needed, they will be recorded and reflected in an adjusted trial balance.
4. The account balances from the adjusted trial balance are presented in the financial statements.

2.A listing of all the firm’s journal entries by date is called the:

A)   general ledger.

B)   adjusted trial balance.

C)   financial statements.

D)   general journal.

The correct answer was D)

A listing of all the journal entries in order by date is called the “general journal.” The general ledger sorts the entries in the general journal by account. At the end of the accounting period, an initial trial balance is prepared that shows the balances in each account. If any adjusting entries are needed, they will be recorded and reflected in an adjusted trial balance. The account balances from the adjusted trial balance are presented in the financial statements.

3.Which of the following is the best description of the flow of information in an accounting system?

A)   Journal entries, general ledger, trial balance, financial statements.

B)   General ledger, trial balance, general journal, financial statements.

C)   Financial statements, general ledger, trial balance, general journal.

D)   Trial balance, general ledger, general journal, financial statements.

The correct answer was A)

Information flows through an accounting system in four steps:
1. Journal entries record every transaction, showing which accounts are changed by what amounts. A listing of all the journal entries in order by date is called the “general journal.”
2. The general ledger sorts the entries in the general journal by account.
3. At the end of the accounting period, an initial trial balance is prepared that shows the balances in each account. If any adjusting entries are needed, they will be recorded and reflected in an adjusted trial balance.
4. The account balances from the adjusted trial balance are presented in the financial statements.

4.Prema Singh is the bookkeeper for Octabius Industries. Singh has been asked by the CFO of Octabius to review all purchases that occurred between February 1 and February 8 to investigate an error on the receiving dock. Singh will most likely look at the:

A)   initial trial balance.

B)   general journal.

C)   general ledger.

D)   financial statements.

The correct answer was B)    

Journal entries record every transaction, showing which accounts are changed by what amounts. A listing of all the journal entries in order by date is called the “general journal.”