Accounting Quiz

The accounts payable ledger contains all of the balance sheet and income statement accounts.

Your answer:
True False

What type of general ledger entry is created for the automatic posting of recurring monthly entries?

Your answer:
interface
manual
closing
standard

The __________is a listing of all the balance sheet and income accounts.

Your answer:
chart of accounts
income statement
accounts receivable ledger
comparative income statement

Subsidiary ledger totals in an integrated accounting system are manually posted.

Your answer:
True False

A trial balance indicates whether the right amounts were posted to the correct general ledger accounts.

Your answer:
True False

An income statement summarizes assets, liabilities, and equity accounts.

Your answer:
True False

The purpose of an accounts receivable system is to assist in the collection of monies owed by customers to improve cash flow.

Your answer:
True False

Time and attendance data can also be transferred to a labor management system to help managers analyze payroll hours and costs.

Your answer:
True False

A(n) _______________________ automates the process of collecting, calculating, and reporting employees' time and attendance data.

Your answer:
time and attendance system
payroll system
time clock
labor control system

A(n) ___________________ module facilitates timely payments to vendors to maintain an excellent credit rating and to prevent the interruption of supplies.

Your answer:
accounts receivable
accounts payable
general ledger
payroll

A cash requirements report lists all open invoices and places them into aging columns.

Your answer:
True False

A check reconciliation system tracks cleared and outstanding checks.

Your answer:
True False

An aging accounts payable report displays the balance due for each customer and the age of the outstanding bill.

Your answer:
True False

Foodservice operations need a payroll system that complies with the 1983 federal law concerning tax on tipped employees.

Your answer:
True False