Matching Customer Account Numbers and Inventory Item Numbers to the Numbers

question 107

Multiple Choice

Matching customer account numbers and inventory item numbers to the numbers in the customer and inventory master files is an example of a

• A)completeness test.
• B)field check.
• C)reasonableness test.
• D)validity check.

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Definitions:

Permanent Accounts

Accounts on the balance sheet whose balances are carried over into the next accounting period.

Post-closing Trial Balance

A list of all company accounts that remain after adjusting entries and closing entries have been made, used to test the balance of debits and credits.

Asset Accounts

Accounts on a balance sheet representing resources owned or controlled by a company with future economic value.

Liability Accounts

Accounts that represent amounts owed to creditors or bills that must be paid in the future, contributing to a company’s liabilities on the balance sheet.