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accounting study

true/false

QuestionAnswer
1. Information in a journal includes the debit and credit parts of each transaction recorded in one place. true
In double-entry accounting, each transaction affects at least three accounts. false
The Objective Evidence accounting concept requires that there be proof that a transaction did occur true
Examples of source documents include checks, sales invoices, receipts, and memorandums true
The source document for all cash payments is a sales invoice. false
A memorandum is the source document used when items are paid in cash. false
A receipt is the source document for cash received from transactions other than sales. true
A calculator tape is the source document for daily sales true
The source document used when supplies are bought on account is a check false
The journal columns used to record buying supplies on account are General Debit and Cash Credit false
The source document used when supplies bought on account are paid for is a memorandum. false
The journal columns used to record receiving cash from sales are Cash Debit and Sales Credit true
The source document sales invoice is abbreviated as S in a journal entry. true
The journal columns used to record paying cash for equipment rental are General Debit and Cash Credit true
The journal columns used to record paying cash to the owner for a withdrawal of equity are Cash Debit and General Credit. false
To prove a journal page, the total debit amounts are compared with the total credit amounts to be sure they are equal. true
When a journal page is full, the full page should be proved before a new page is started. true
Double lines across column totals mean that the totals have been verified as correct. true
To correct an error in a journal, simply erase the incorrect item and write the correct item in the same place. false
Created by: ENF
 

 



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