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Accounting 3.1

QuestionAnswer
Entry Information for each transaction recorded in a journal.
Journalizing Recording transactions in a journal.
Memorandum A form on which a brief message is written to describe a transaction.
Check A business form ordering a bank to pay cash from a bank account.
Source Document A business paper from which information is obtained for a journal entry.
Journal A form for recording transactions in chronological order.
Invoice A form describing the goods or services sold, the quantity, the price, and the terms of sale.
Receipt A business form giving written acknowledgement for cash received.
Double-Entry Accounting The recording of debit and credit parts of a transaction.
Proving Cash Determining that the amount of cash agrees with the accounting records.
Sales Invoice An invoice used as a source document for recording a sale on account.
T/F: The source document for all cash payments is a check. True
T/F: A receipt is the source document for cash received from transactions other than sales. True
T/F: The accounting concepts Unit of Measurement is being applied when a source document is prepared for each transaction. False
T/F: The source document used when supplies are bought on account is a memorandum. True
T/F: The journal columns used to record receiving cash from the owner as an investment are Cash Debit and Sales Credit. False
T/F: To correct an error in a journal, one can simply erase the incorrect item and write the correct item. False
T/F: A transaction recorded in a journal is not considered a permanent record. False
T/F: Transactions are recorded in a journal in chronological order. True
T/F: A complete journal entry consists of the date, the debit amount, the credit amount, and a source document. True
T/F: When an entry in an amount column is an even dollar amount, either "00" or "--" can be entered in the cents column. False
T/F: Double lines are ruled across a journal's amount column to indicate that the totals have been verified as correct. True
T/F: Cash is always proved at the end of a month. True
T/F: Every business uses the same journal to record transactions. False
T/F: In double-entry accounting, each transaction affects at least two accounts. True
Created by: Benjamin321
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