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Accounting : Journalizing Transactions Online Quiz

Description: Accounting : Journalizing Transactions
Number of Questions: 35
Created by:
Tags: finance
Attempted 0/35 Correct 0 Score 0

When cash is paid on account, the amount is recorded in the

  1. Accounts Payable Debit column and Cash Credit column

  2. Sales Credit column and Cash Debit column

  3. General Debit column and Cash Credit column

  4. Cash Debit column and General Credit column


Correct Option: A

When an entry is an even dollar amount, either "00" or "--" can be entered in the cents column

  1. true

  2. false


Correct Option: B

When cash is paid for rent, the amount is recorded in the

  1. Cash Credit column and General Debit column.

  2. Sales Credit column and General Debit column.

  3. General Credit column and Cash Debit column

  4. General Credit column and Sales Credit column


Correct Option: A

Cash is always proved at the end of a month

  1. true

  2. false


Correct Option: A

When services are sold on account, the amount is recorded in the

  1. Accounts Receivable Debit column and Cash Credit column.

  2. General Credit column and Cash Debit column

  3. Accounts Receivable Debit column and Sales Credit column

  4. General Debit column and Accounts Payable Debit column.


Correct Option: C

In double-entry accounting, each transaction affects at least two accounts

  1. true

  2. false


Correct Option: A

When cash is received from sales, the amount is recorded in the

  1. Sales Credit column and Cash Debit column

  2. Sales Debit column and Cash Credit column

  3. General Credit column and Cash Debit column

  4. General Debit column and Cash Credit column


Correct Option: A

When cash is received on account, the amount is recorded in the

  1. Sales Credit column and Cash Debit column

  2. General Debit column and Cash Credit column

  3. Accounts Receivable Credit column and Cash Debit column.

  4. General Debit column and Accounts Payable Debit column


Correct Option: C

If an error is recorded in a journal entry,

  1. cancel the error by drawing a neat line through the error

  2. correct by writing the correct item above the canceled error

  3. do not erase the incorrect term

  4. all of these


Correct Option: D

Double lines are ruled across a journal's columns to say the totals were verified as correct

  1. true

  2. false


Correct Option: A

A single line ruled across the journal's amount columns indicates

  1. the date is the last day of the month

  2. the totals have been verified as correct

  3. that columns are to be totaled

  4. none of these


Correct Option: C

A complete journal entry consists of the date, debit amount, credit amount, and a source doc.

  1. true

  2. false


Correct Option: A

When cash is paid for supplies,

  1. Supplies is increased

  2. Supplies is credited

  3. the balance of Supplies is decreased

  4. none of these


Correct Option: A

The entry to record payment of cash to the owner as a withdrawal of equity is

  1. debit Cash, credit Drawing

  2. debit Drawing, credit Cash

  3. debit Cash, credit Accounts Payable

  4. none of these


Correct Option: B

On each journal page, the date is written

  1. for each entry

  2. only for the first entry

  3. on the first line of each column

  4. none of these


Correct Option: A

Every business uses the same journal to record transactions

  1. true

  2. false


Correct Option: B

Transactions are recorded in a journal in chronological order

  1. true

  2. false


Correct Option: A

A form describing the goods or services sold, the quantity, the price, and the terms of sale

  1. invoice

  2. sales invoice

  3. check

  4. journal


Correct Option: A

Determining that the amount of cash agrees with the accounting records

  1. journalizing

  2. proving cash

  3. checking

  4. double-entry accounting


Correct Option: B

The source document used when supplies are bought on account is a memorandum

  1. true

  2. false


Correct Option: A

The recording of debit and credit parts of a transaction

  1. journalizing

  2. proving cash

  3. checking

  4. double-entry accounting


Correct Option: D

To correct an error in a journal, one can erase the incorrect term and write the correct term.

  1. true

  2. false


Correct Option: B

A business form giving written acknowledgement for cash received

  1. invoice

  2. sales invoice

  3. receipt

  4. memorandum


Correct Option: C

An invoice used as a source document for recording a sale on account

  1. invoice

  2. sales invoice


Correct Option: B

A form for recording transactions in chronological order

  1. journal

  2. invoice

  3. entry

  4. sales  invoice


Correct Option: A

A transaction recorded in a journal is not considered a permanent record

  1. true

  2. false


Correct Option: B

A business paper from which information is obtained for a journal entry

  1. invoice

  2. source document

  3. journal document

  4. check


Correct Option: B

The journal columns used to record receivin cash from the owner are Cash Debit and Sales Credit

  1. true

  2. false


Correct Option: B

A business form ordering a bank to pay cash from a bank account.

  1. invoice

  2. memorandum

  3. journal

  4. check


Correct Option: D

the concept Unit of Measurement is applied when a source doc is prepared for each transaction

  1. true

  2. false


Correct Option: B

A form on which a brief message is written to describe a transaction

  1. invoice

  2. memorandum

  3. journal

  4. sales invoice


Correct Option: B

A receipt is the source document for cash received from transactions other than sales

  1. true

  2. false


Correct Option: A

Recording transactions in a journal

  1. writing in a diary

  2. writing

  3. journalizing

  4. invoice


Correct Option: C

The source document for all cash payments is a check

  1. true

  2. false


Correct Option: A

Information for each transaction recorded in a journal

  1. entry

  2. invoice

  3. details

  4. memorandum


Correct Option: A
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