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- 1. Multiple Choice
Recording transactions in a journal is known as
actualizing
journalizing
accounting
entering
- 2. Multiple Choice
The recording of debit and credit parts of a transaction is called
preparing journal entries
journalizing
double-entry accounting
verifying the accuracy
- 3. Multiple Choice
What is NOT considered a part of a journal entry?
Credit
Date
Debit
Account title
- 4. Multiple Choice
Why are source documents important?
To verify the accuracy of a specific journal entry.
To make sure no one is stealing.
It is not important, no need for one.
To make sure the wrong items were not ordered.
- 5. Multiple Choice
A(n) __ is the source document for cash received from transactions other than sales.
receipt
sales invoice
memorandum
calculator tape
- 6. Multiple Choice
Which journal columns are used to record paying cash for insurance?
General Credit; Cash Debit
General Debit; Cash Debit
General Debit; Cash Credit
General Credit; Cash Credit
- 7. Multiple Choice
Which journal columns are used to record receiving cash from sales?
General Debit; Cash Credit
Cash Credit; Sales Debit
General Credit; Cash Debit
Cash Debit; Sales Credit
- 8. Fill in the Blank
The ___ concept requires proof that a transaction did occur.
- 9. Multiple Choice
The source document for all cash payments is a(n)
sales invoice
receipts
check
memorandum
- 10. Multiple Choice
Which is NOT one of the three steps for proving a journal.
Add each of the amount columns.
Add the debit column totals, and then add the credit column totals.
Subtract the debit column totals from the credit column totals.
Verify that the total debits and total credits are equal.
- 11. Multiple Choice
Information needed to record entries in the journal is obtained from
liabilities
source documents
phone calls
columns
- 12. Multiple Choice
What are special amount columns used for?
Transactions that occur frequently
For debits only
Transactions that occur infrequently
For credits only
- 13. Multiple Choice
A transaction recorded in a journal is not considered a permanent record.
True
False
- 14. Multiple Choice
A(n) ___ is the source document for daily cash sales.
receipt
calculator tape
sales invoice
memorandum
- 15. Multiple Choice
A form describing the goods or services sold, the quantity, the price, and the terms of sale.
Invoice
Sales invoice
Journal
Check
- 16. Fill in the Blank
Recording a transaction at the time it occurred regardless of when the cash is received.
- 17. Multiple Choice
Determining that the amount of cash agrees with the accounting records.
Proving a journal
Proving accuracy
Ruling a journal
Proving cash
- 18. Multiple Choice
The source document used when supplies are bought on account is a(n)
receipt
check
calculator tap
memorandum
- 19. Multiple Choice
Every business uses the same journal to record transactions.
True
False
- 20. Multiple Choice
Which journal columns are used to record the buying of supplies on account?
General Debit; General Credit
General Debit; Cash Credit
General Credit; Cash Debit
General Debit; Sales Credit
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