Question 1

Match the terms with the definitions.
-The column in the combination journal used to enter the account titles for the General Debit and General Credit columns, to identify specific creditors when assets are purchased on account, and to identify amounts forwarded.

Accepted Answer

The description column is the column in the combination journal that is used for entering account titles, identifying specific creditors, and identifying amounts forwarded. The other choices are not relevant to this definition.

Question 2

End-of-period activities include all of the following EXCEPT

Accepted Answer

End-of-period activities involve adjusting entries, closing entries, and preparing a worksheet to help prepare financial statements. Appointment records do not directly relate to end-of-period activities in accounting.

Question 3

The end-of-period work sheet is used to facilitate

Accepted Answer

The end-of-period work sheet is used to summarize the information from the trial balance and adjust any necessary entries before preparing the financial statements. It helps ensure that all accounts are up-to-date and accurate.

Question 4

Match the terms with the definitions.
-A journal with special and general columns.

Accepted Answer

The answer of Match the terms with the definitions.
-A journal...

Question 5

The amounts in the general columns of the combination journal should be posted

Accepted Answer

The amounts in the general columns of the combination journal should be posted daily to ensure timely and accurate recording of transactions. Waiting until the end of the accounting period or posting whenever there is time may result in errors and inconsistencies in financial reporting. Posting weekly is also not recommended as it increases the risk of missing or overlooking important transactions.

Question 6

Match the terms with the definitions.
-The column in the combination journal used to debit accounts that are used infrequently.

Accepted Answer

The "General Debit column" in the combination journal is used to debit accounts that are used infrequently.

Question 7

Match the terms with the definitions.
-A method of accounting that combines aspects of the cash and accrual methods. It uses the cash basis for recording revenues and most expenses. Exceptions are made when cash is paid for assets with useful lives greater than one accounting period.

Accepted Answer

The modified cash basis of accounting is described as a method that combines aspects of the cash and accrual methods. It uses the cash basis for recording revenues and most expenses, but exceptions are made when cash is paid for assets with useful lives greater than one accounting period. Therefore, option F is the correct match for the given definition. The other options, such as combination journal, description column, general credit column, general debit column, posting reference column, and special columns, do not relate to the definition of modified cash basis.

Question 8

Match the terms with the definitions.
-A method of accounting under which revenues are recorded when earned and expenses are recorded when incurred.

Accepted Answer

The accrual basis of accounting records revenues when they are earned and expenses when they are incurred, regardless of when cash is received or paid. This contrasts with cash basis accounting, where revenues and expenses are recorded only when cash is received or paid.

Question 9

Match the terms with the definitions.
-The column in the combination journal where the account number is entered after posting.

Accepted Answer

The Posting Reference column is the column in the combination journal where the account number is entered after posting.

Question 10

Match the terms with the definitions.
-Columns in journals for frequently used accounts.

Accepted Answer

Special columns are columns in journals for frequently used accounts.

Question 11

A cash balance may be computed

Accepted Answer

A cash balance can be computed whenever desired, as it depends on the organization's need for financial information. Some may prefer to compute it daily, while others may opt to do so weekly or at the end of the accounting period. Ultimately, the frequency of calculation depends on the specific requirements of an organization. Therefore, option D is the best choice.

Question 12

Match the terms with the definitions.
-The column in the combination journal used to credit accounts that are used infrequently.

Accepted Answer

The General Credit column is used in the combination journal to credit accounts that are used infrequently.

Question 13

Once an amount has been posted to the general ledger account from the combination journal, what is entered in the "Post. Ref." column of the combination journal?

Accepted Answer

The "Post. Ref." column in the combination journal is used to record the account number to which the transaction was posted in the general ledger. Therefore, the correct option is to enter the account number in the "Post. Ref." column.

Question 14

Once the total of a special column has been posted, what is written under the total of the column in the journal?

Accepted Answer

The answer of Once the total of a special column...

Quiz 16: Accounting for a Professional Service Business: The Combination Journal

Match the terms with the definitions. -The column in the combination journal used to enter the account titles for the General Debit and General Credit columns, to identify specific creditors when assets are purchased on account, and to identify amounts forwarded.

End-of-period activities include all of the following EXCEPT

The end-of-period work sheet is used to facilitate

Match the terms with the definitions. -A journal with special and general columns.

The amounts in the general columns of the combination journal should be posted

Match the terms with the definitions. -The column in the combination journal used to debit accounts that are used infrequently.

Match the terms with the definitions. -A method of accounting that combines aspects of the cash and accrual methods. It uses the cash basis for recording revenues and most expenses. Exceptions are made when cash is paid for assets with useful lives greater than one accounting period.

Match the terms with the definitions. -A method of accounting under which revenues are recorded when earned and expenses are recorded when incurred.

Match the terms with the definitions. -The column in the combination journal where the account number is entered after posting.

Match the terms with the definitions. -Columns in journals for frequently used accounts.

A cash balance may be computed

Match the terms with the definitions. -The column in the combination journal used to credit accounts that are used infrequently.

Once an amount has been posted to the general ledger account from the combination journal, what is entered in the "Post. Ref." column of the combination journal?

Once the total of a special column has been posted, what is written under the total of the column in the journal?