Reference no: EM132667245
Problem 1: What is the purpose of the General Ledger?
Option 1: To give investors a snapshot of the financial status of a company
Option 2: To summarize the transactions in journals by account balances
Option 3: To record transactions for journals affecting the General Accounts
Option 4: To itemize account balances for each customer
Problem 2: The primary reason for a flowchart is to prepare:
Option 1: A sequential order to documents
Option 2: A diagram that graphically depicts a company's documents and records
Option 3: A flow of how internal control is performed
Option 4: A symbol for every document in the Chart of Accounts
Problem 3: In the Sales Cycle, a bill of lading is used when:
Option 1: Shipping goods
Option 2: Receiving an order from a customer
Option 3: Recording in a sales journal
Option 4: Posting to General Ledger
Problem 4: In the Acronym ARCS, A stands for:
Option 1: Admittance
Option 2: Allocation
Option 3: Accounts
Option 4: Authorization
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