Reading 30: Financial Reporting Mechanics - LOS g ～ Q1-4 receiving, occurred, between, likely, error

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Q1. 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 ledger.

C)   general journal.

Q2. 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)   Trial balance, general ledger, general journal, financial statements.

Q3. A listing of all the firm’s journal entries by date is called the:

A)   general ledger.

B)   general journal.

C)   adjusted trial balance.

Q4. The best description of the general ledger is that it:

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

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

C)   is where journal entries are first recorded.

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