Posting means: A. Record source B. Transfer to ledgers C. Prepare trial D. Balance

Here are the solutions to the questions:

53) Posting means transferring entries from the journals to the ledger accounts. * B) Transfer to ledgers

54) Balancing an account means finding the difference between the total debits and total credits. * B) Difference debit/credit

55) A cash book balance is determined by the larger side of the account (debit for cash in hand/bank, credit for bank overdraft). * A) Larger side

56) A debit balance in a supplier's account means the supplier owes the business money (e.g., due to returns or overpayment). * B) They owe us

57) A credit balance in a customer's account means the business owes the customer money (e.g., due to returns or overpayment). * B) We owe

58) A two-column cash book typically has two money columns on each side (cash and bank). This question asks for the number of columns, and given the context of question 59, it refers to the two money columns on one side. * B) 2

59) A two-column cash book has two money columns on each side, typically for cash and bank transactions. * B) Cash/bank

60) Discount allowed is recorded in the cash book (in the discount column on the debit side) when cash is received from a customer. * B) Cash book

61) Discount received is recorded in the cash book (in the discount column on the credit side) when cash is paid to a supplier. * B) Cash book

62) Bad debts are typically recorded in the General Journal when written off. * C) General journal

63) Depreciation is an adjusting entry recorded in the General Journal. * C) General journal

64) Accrued expenses are adjusting entries recorded in the General Journal. * C) General journal

65) Prepaid expenses are adjusting entries recorded in the General Journal. * C) General journal

66) A real account relates to assets. * C) Machinery

67) A nominal account relates to expenses, incomes, gains, or losses. * C) Wages

68) A personal account relates to individuals, firms, or institutions. * C) Creditor-ABC Ltd

69) Assets increase with a debit entry. * B) Increases

70) Liabilities increase with a credit entry. * B) Increases

71) Income increases with a credit entry when it is earned. * A) Earned

72) Expenses increase with a debit entry when they are incurred. Among the given options, "unpaid" implies an expense has been incurred but not yet paid, which still results in a debit. * A) Unpaid

73) Folio columns are found in journals (like the Cash Book and Sales Journal) to reference ledger pages, and in ledgers to reference journal pages. * B) Sales journal

74) Folio refers to the page number in a ledger where an entry from a journal is posted. * B) Ledger page posted

75) The total of the sales journal is posted to the Sales account in the General Ledger. * C) General-Sales

76) The total of the purchases journal is posted to the Purchases account in the General Ledger. * C) General-Purchases

77) Balancing customer accounts helps to determine the total amount owed by customers. * B) Amount owed

78) Balancing supplier accounts helps to determine the total amount the business owes to suppliers. * B) Amount we owe

79) A trial balance lists ledger balances and does not include source documents. * C) Source docs

80) A suspense account is opened when the trial balance does not agree, to temporarily hold the difference. * B) Does not agree

81) Budgeting is a planning activity, not a stage in the accounting cycle. * A) Budgeting

82) Transactions are classified into accounts in the ledger. * C) Ledger

83) Financial statements summarize the financial performance and position of a business. * B) Trial/Fin statements

84) Transactions are first recorded in the subsidiary books (journals). * C) Subsidiary

85) Subsidiary books, such as the cash book, are often prepared daily. * C) Subsidiary books

86) A trial balance is prepared at the end of an accounting period. * C) Trial balance

87) The accounting equation is Assets = Liabilities + Capital. * A) A=L+C

88) If assets increase with no change in liabilities, then capital must increase (e.g., owner invests cash). * B) Capital

89) Paying an expense reduces assets (cash) and reduces capital (due to the expense). * A) Assets

90) Receiving income increases assets (cash) and increases capital (due to the income). * A) Assets

91) Drawings reduce capital and assets. * C) Capital