TOPIC: POSTING

NAME: YR.&SEC.
COURSE: DATE
MULTIPLE CHOICE
1. The normal balance of an account is on the
a. Plus side
b. Left side
c. Debit side
d. Credit side
2. When a T-account has several items on both sides, the balance of the
account is written
a. On the side with the greatest number of items.
b. On the side with the least number of items.
c. On the side with the larger total.
d. On the side with the similar total.
3. A debit may signify a decrease in
a. A liability account
b. A revenue account
c. A liability and a revenue account
d. An asset and a revenue account
4. A debit may result in
a. An increase in an expense account
b. An increase in an asset account
c. A decrease in a liability account
d. A decrease in a revenue account
5. A purchase is recognized in the accounting records when
a. Payment is made for the item purchased
b. The purchase requisition is sent to the purchasing department
c. The buyer receives the seller’s bill
d. Title transfer from the seller to the buyer
6. Which of the following accounts will not affect owner’s equity?
a. Owner’s withdrawals
b. Land
c. Advertising Expense
d. Revenues
7. Which of the following errors will not cause the debit and credit
columns of a trial balance to be unequal?
a. Only part of a journal entry was posted
b. A debit was posted to an account as a credit
c. A journal entry was accidentally posted twice
d. The trial balance was incorrectly summed.
8. Which of the following errors will cause a trial balance to be out of
balance?
a. The bookkeeper forgot to journalize a transaction
b. The bookkeeper forgot to post a journal entry to the ledger.
c. A journal entry was accidentally posted twice.
d. A credit was posted to an account as a debit.
9. The general journal does not have a column titled
a. Description
b. Posting reference
c. Account balance
d. Date
10. To find explanation for a transaction, one should look at the
a. Journal
b. Ledger
c. Chart of accounts
d. Trial balance
11. An entry with more than one debit or credit is called a
a. Double entry
b. Compound entry
c. Dual entry
d. Multiple entry
12. The term footing refers to the
a. Addition of a column of figures
b. Process of obtaining the top number in an account
c. Process of obtaining the bottom number in an account
d. Process of posting
13. Balance sheet accounts are
a. Temporary accounts
b. Accounts with debit balances only
c. Adjusting accounts
d. Permanent accounts
14. Posting is the process of transferring information from the
a. Journal to the trial balance
b. Ledger to the financial statements
c. Ledger to the trial balance
d. Journal to the ledger
15. Typically, the chart of accounts begins with
a. Asset accounts
b. Liability accounts
c. Revenue accounts
d. Expense accounts
16. All of the following are examples of source documents except
a. Check
b. Sales invoice
c. Statement of account
d. General journal
17. The equality of debits and credits in the ledger should be verified at
the end of each accounting period by preparing
a. An accounting statement
b. An account verification report
c. A trial balance
18. A balance report Of the following errors, the one that will cause an
inequality in the trial balance totals is
a. Incorrectly computing an account balance
b. Failure to record a transaction
 c. Recording the same transaction more than once
d. Posting a transaction to the wrong account with
the same normal balance.
19. An entity’s trial balance
a. Shows a financial position
b. Establishes whether its accounting records are correct
c. List of all of the entries in its double-entry accounting
records
d. Is a list of all of the accounts with their
respective debit or credit balances
20. If a P4,700 cash purchase of supplies is recorded as a
P5,700 debit to supplies expense and a P5,700 credit
to cash, the result will be that
a. The trial balance will be out of balance
b. The supplies expense account will be understated
c. The cash account will be overstated
d. Supplies expense will be overstated and cash will be
understated
21. If Accounts receivable has debit postings of P580,000,
credit postings of P440,000, and a normal ending balance
of P480,000, which of the following was its beginning.
a. P620,000 cr
b. P620,000 dr
c. P340,000 cr
d. P340,000 dr
22. If account payable has debit postings of P170,000,
credit postings of P140,000, and a normal balance ending
balance of P60,000, which of the following was its
beginning balance?
a. P30,000 dr
b. P90,000 cr
c. P90,000 dr
d. P30,000 cr
23. A P800 credit item is accidentally posted as a
debit. The
trial balance column totals will
therefore differ by
a. P0
b. P400
c. P800
d. P1,600
24. If Accounts Payable has debit postings of P85,000,
credit postings of P70,000, and a normal ending balance
of P30,000. What was its beginning balance?
a. P45,000 cr
b. P15,000 dr
c. P45,000 dr
d. P15,000 cr
25. If accounts receivable has debit postings of P290,000,
credit postings of P220,000 and a normal ending balance
of P240,000, which of the following was its beginning?
a. P170,000 dr
b. P310,000 cr
c. P170,000 cr
d. P310,000 dr