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Accounting 1 Review

Review for 1st Chapter 3

QuestionAnswer
The source document for cash payments is a check
A journal with two amount colums in which all kinds of entries can be recorded is called a general journal
Transactions are recorded in a journal in chronological order
To keep from being overloaded, businesses usually record transactions as soon as they occur false
A business paper from which information is obtained for a journal entry is called a receipt
A form describing the goods or services sold, the quantity, and the price is called an invoice
A signature is not part of an entry true
Account balances increase on the normal balace side of an account true
A business from giving written acknowledgement for cash received is called a sales invoice false
A journal page is complete when there is insufficfient space to record any more entries
Because expenses decrease owner's equity, increases in expenses are recorded as credits false
Before a transaction is recorded in a journal, the transaction is analyzed into its debit and credit parts true
A revenue account has a normal debit balance false
Splitting up a journal entry to fill up a general journal page is sometime necessary so ther are no blank lines for anyone to think the page is incomplete false
To prove a journal page, you must verify that the total debits on the page equal the total credits true
When services are sold on account.... accounts receivable is debited and Sales is credited
Errors are corrected in a way that does not cause doubts about what the correct information is
Dollars and cents signs and decimals points are always used when writing amounts on ruled accounting paper so as not to be confusing false
If you pay $300.00 cash on account to Supply Depot, you would debit Accounts Payable-Supp Depot for $300.00 and credit for Cash $300.00.
When you prove Cash at the end of each month, the difference tetween the totals of the debits and credits is the amount of profit earned during the month. false
Created by: centjack
 

 



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