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- 1. Multiple Choice
This transaction would be recorded in a sales journal
Sale of equipment for cash
Sale of equipment in exchange for a note
Sale of merchandise for Cash
Sale of merchandise on account
- 2. Multiple Choice
If a firm uses special journals, in which journal would the sale of merchandise for cash be recorded?
Cash Disbursements Journal
Cash Receipts Journal
General Journal
Sales Journal
- 3. Multiple Choice
When merchandise is returned or a price adjustment is granted an entry is made in the
adjustments journal
cash receipts journal
general journal
purchases journal
- 4. Multiple Choice
The voucher register is a substitute for Sales Journal
True
False
- 5. Multiple Choice
The total of the other accounts column of the cash receipts journal is not posted to the general ledger.
True
False
- 6. Multiple Choice
List Price - Invoice Price = _______
Cash Discount
Purchases Discounts
Sales Discounts
Trade Discount
- 7. Multiple Choice
The cash receipts journal is a record of all cash receipts from sales only.
True
False
- 8. Multiple Choice
Cash refund to a customer would be recorded in
Sales Journal
Cash Receipts Journal
Cash Disbursements Journal
Purchases Journal
General Journal
- 9. Multiple Choice
Payment of salaries would be recorded in
Sales Journal
Cash Receipts Journal
Cash Disbursements Journal
Purchases Journal
General Journal
- 10. Multiple Choice
Note payable sent to a creditor in settlement of an account.
Sales Journal
Cash Receipts Journal
Cash Disbursements Journal
Purchases Journal
General Journal
- 11. Multiple Choice
A group accounts containing customer names
Accounts Payable Ledger
Accounts Receivable Ledge
General Ledger
Chart of Accounts
- 12. Multiple Choice
A special Journal used to record all cash payments
Sales Journal
Cash Receipts Journal
Cash Disbursements Journal
Purchases Journal
General Journal
- 13. Multiple Choice
A set of procedures and approvals designed to control cash disbursements and the acceptance of obligations is referred to as a(n):
Internal Cash System
Cash Disbursement System
Voucher System
Petty Cash System
- 14. Multiple Choice
The voucher system of control:
Is a set of procedures and approvals designed to control cash receipts and the acceptance of obligations.
Establishes procedures for verifying, approving, and recording obligations for eventual cash disbursement.
Establishes procedures for receiving checks for the sale of verified, approved, and recorded activities.
Applies only when multiple purchases are made from the same supplier.
- 15. Multiple Choice
A voucher is an internal file:
Prepared after an invoice is received.
Used as a substitute for an invoice
Used to accumulate information needed to control cash disbursements and to ensure that transactions are properly recorded.
Prepared before the company orders goods.
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