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Chapter #7 Name MULTIPLE CHOICE QUESTIONS 1. Postings to the control accounts in the general ledger are made a. annually b. daily c monthly. d. weekly. 2. A subsidiary ledger is a. used in place of the general ledger if the general ledger is destroyed or stolen. b. a group of accounts used by branches and subsidiaries of a corporate business c. a group of accounts with a common characteristic that provides detailed information about a control account in the general ledger d. used to post excess transactions if a general ledger account becomes full during an accounting period. 3. Postings are made daily to the a. Accounts Receivable control account. b. Accounts Payable control account. c. Accounts Receivable subsidiary ledger d. control accounts in the general ledger. 4. Postings are made daily to subsidiary ledgers so that a. employees are kept busy. b. debits equal credits C. individual account information is kept current. d. the control account will balance to the esidiary ledger. 5. A sales journal is used to record a. only cash sales of merchandise. b. sales of all assets on credit and for cash. c. only credit sales of merchandise. d. credit sales of merchandise, sales returns and allowances, and sales discounts 6. The one characteristic that all entries recorded in a cash receipts journal have in common is a. a credit to the Cash account. b. that they all represent collections from customers c. that they originate from the sales of merchandise. d. a debit to the Cash account

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