Accounting : Journalizing Transactions Online Quiz
Description: Accounting : Journalizing Transactions | |
Number of Questions: 35 | |
Created by: Vinaya Modi | |
Tags: finance |
When cash is paid on account, the amount is recorded in the
When an entry is an even dollar amount, either "00" or "--" can be entered in the cents column
When cash is paid for rent, the amount is recorded in the
Cash is always proved at the end of a month
When services are sold on account, the amount is recorded in the
In double-entry accounting, each transaction affects at least two accounts
When cash is received from sales, the amount is recorded in the
When cash is received on account, the amount is recorded in the
If an error is recorded in a journal entry,
Double lines are ruled across a journal's columns to say the totals were verified as correct
A single line ruled across the journal's amount columns indicates
A complete journal entry consists of the date, debit amount, credit amount, and a source doc.
When cash is paid for supplies,
The entry to record payment of cash to the owner as a withdrawal of equity is
On each journal page, the date is written
Every business uses the same journal to record transactions
Transactions are recorded in a journal in chronological order
A form describing the goods or services sold, the quantity, the price, and the terms of sale
Determining that the amount of cash agrees with the accounting records
The source document used when supplies are bought on account is a memorandum
The recording of debit and credit parts of a transaction
To correct an error in a journal, one can erase the incorrect term and write the correct term.
A business form giving written acknowledgement for cash received
An invoice used as a source document for recording a sale on account
A form for recording transactions in chronological order
A transaction recorded in a journal is not considered a permanent record
A business paper from which information is obtained for a journal entry
The journal columns used to record receivin cash from the owner are Cash Debit and Sales Credit
A business form ordering a bank to pay cash from a bank account.
the concept Unit of Measurement is applied when a source doc is prepared for each transaction
A form on which a brief message is written to describe a transaction
A receipt is the source document for cash received from transactions other than sales
Recording transactions in a journal
The source document for all cash payments is a check
Information for each transaction recorded in a journal