Accounting- Eval. #3
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| A form for recording transactions in chronological order. | Journal.
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| Recording transactions in a journal. | Journalizing.
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| Information for each transaction recorded in a journal. | Entry.
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| A journal with two amount columns in which all kinds of entries can be recorded. | General Journal.
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| The recording of debit and credit parts of a transaction. | Double-Entry Accounting.
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| A business paper from which information is obtained for a journal entry. | Source Document.
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| Abusiness paper from ordering a bank to pay cash from a bank account. | Check.
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| A form describing the goods or services sold, the quantity, and the price. | Invoice.
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| An invoice ised as a source document for recording a sale on account. | Sales Invoice.
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| A business form giving written ackowledgement for cash recived. | Receipt.
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| A form on which a brief message is written describing a transaction. | Memorandum.
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| Information in a journal includes the debit and credit parts of each transaction recorded in one place. | True.
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| The Objective Evidence accounting concept requires that there be proof that a transaction did occur. | True.
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| Examples of source documents include checks, sales invoices, memorandums, and letters. | False.
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| A check is a sorce document used when items are paid in cash. | True.
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| Check and sales invoices are prenumbered in sequence to help account for them. | True.
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| A receipt is the source document for cash received from transactions other than sales. | True.
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| A calculator tape if the source documebt for daily slaes. | True.
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| The accounts affected when cash is received from the owner as an investment are Cash and the Capital Account. | True.
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| When cash is paid for supplies, the Cash account is credited. | True.
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| When cash is used to pay for insurance, the asset account Prepaid Insurance decreases. | False.
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| The source document used when supplies are ordered by telephone on account is a memorandum. | True.
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| The source document used when supplies bought on account are paid for is a check. | True.
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| When cash is received from sales, both the Cash account and the Sales account are increased. | True.
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| The source document Sales Invoice No. 1 is abbreviated as S1 in a journal entry. | True.
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| When services are sold on account, an asset account and a revenue account are affected. | True.
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| The accounts affected when paying cash for rent are Rent Expense and Cash. | True.
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| When cash is received on account, one asset account increases and another asset account decreases. | True.
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| The accounts affected when paying cash to the owner for personal used are the drawing account and Cash. | True.
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| If there is only one blank line remaining on a journal page, it is standard practice to split the netry and record the second lime of the entry on the next page. | False.
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| To correc an error in a journal , simply erase the incorrect item and write the correct item in the same place. | False.
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| Dollars and cens signs and decimal points should be used when writing amounts on ruled accounting pages. | False.
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Created by:
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