Question 1

Every business uses the same journal to record transactions.

Accepted Answer

A) True 
 B)False

Question 2

Select the one term that best fits each definition.
-Determining that the amount of cash agrees with the accounting records.

Accepted Answer

A)  check 
B)  double-entry accounting 
C)  entry 
D)  invoice 
E)  journal
F) journalizing
G) memorandum
H) proving cash
I) receipt
J) sales invoice
K) source document 
A)  check 
B)  double-entry accounting 
C)  entry 
D)  invoice 
E)  journal
F) journalizing
G) memorandum
H) proving cash
I) receipt
J) sales invoice
K) source document

Question 3

Select the one term that best fits each definition.
-A business form giving written acknowledgement for cash received.

Accepted Answer

A)  check 
B)  double-entry accounting 
C)  entry 
D)  invoice 
E)  journal
F) journalizing
G) memorandum
H) proving cash
I) receipt
J) sales invoice
K) source document 
A)  check 
B)  double-entry accounting 
C)  entry 
D)  invoice 
E)  journal
F) journalizing
G) memorandum
H) proving cash
I) receipt
J) sales invoice
K) source document

Question 4

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

Accepted Answer

A) True 
 B)False

Question 5

On each journal page, the date is written

Accepted Answer

A)  for each entry. 
B)  only for the first entry. 
C)  on the first line of each column. 
D)  none of these. 
A)  for each entry. 
B)  only for the first entry. 
C)  on the first line of each column. 
D)  none of these.

Question 6

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

Accepted Answer

A)  Accounts Payable Debit column and Cash Credit column. 
B)  Sales Credit column and Cash Debit column. 
C)  General Debit column and Cash Credit column. 
D)  Cash Debit column and General Credit column. 
A)  Accounts Payable Debit column and Cash Credit column. 
B)  Sales Credit column and Cash Debit column. 
C)  General Debit column and Cash Credit column. 
D)  Cash Debit column and General Credit column.

Question 7

If an error is recorded in a journal entry,

Accepted Answer

A)  cancel the error by drawing a neat line through the error. 
B)  correct the entry by writing the correct item above the canceled error. 
C)  do not erase the incorrect item. 
D)  all of these. 
A)  cancel the error by drawing a neat line through the error. 
B)  correct the entry by writing the correct item above the canceled error. 
C)  do not erase the incorrect item. 
D)  all of these.

Question 8

The accounting concept Unit of Measurement is being applied when a source document is prepared for each transaction.

Accepted Answer

A) True 
 B)False

Question 9

When cash is paid for supplies,

Accepted Answer

A)  Supplies is increased. 
B)  Supplies is credited. 
C)  the balance of Supplies is decreased. 
D)  none of these. 
A)  Supplies is increased. 
B)  Supplies is credited. 
C)  the balance of Supplies is decreased. 
D)  none of these.

Question 10

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

Accepted Answer

A) True 
 B)False

Question 11

Select the one term that best fits each definition.
-A form on which a brief message is written to describe a transaction.

Accepted Answer

A)  check 
B)  double-entry accounting 
C)  entry 
D)  invoice 
E)  journal
F) journalizing
G) memorandum
H) proving cash
I) receipt
J) sales invoice
K) source document 
A)  check 
B)  double-entry accounting 
C)  entry 
D)  invoice 
E)  journal
F) journalizing
G) memorandum
H) proving cash
I) receipt
J) sales invoice
K) source document

Question 12

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

Accepted Answer

A) True 
 B)False

Question 13

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

Accepted Answer

A) True 
 B)False

Question 14

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

Accepted Answer

A)  the date is the last day of the month. 
B)  the totals have been verified as correct. 
C)  that columns are to be totaled. 
D)  none of these. 
A)  the date is the last day of the month. 
B)  the totals have been verified as correct. 
C)  that columns are to be totaled. 
D)  none of these.

Exam 3: Journalizing Transactions

Every business uses the same journal to record transactions.

Select the one term that best fits each definition. -Determining that the amount of cash agrees with the accounting records.

Select the one term that best fits each definition. -A business form giving written acknowledgement for cash received.

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

On each journal page, the date is written

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

If an error is recorded in a journal entry,

The accounting concept Unit of Measurement is being applied when a source document is prepared for each transaction.

When cash is paid for supplies,

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

Select the one term that best fits each definition. -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.

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

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

The Accounting Equation

Debit and Credit Parts

Posting to a General Ledger

Cash Control Systems

Work Sheet and Adjusting Entries

Financial Statements for a Proprietorship

Closing Entries and Post-Closing

Accounting for Purchases and Cash Payments

Accounting for Sales and Cash Receipts

Using a General Journal

Preparing Payroll Records

Accounting for Payroll and Payroll Taxes

Uncollectible Accounts Receivable

Adjusting Entries and a Trial Balance

Financial Statements and Closing Entries

Financial Statement Analysis

Acquiring Capital for Growth and Development

Plant Assets and Intangible Assets

Accounting for Inventory

Accruals, Deferrals, and Reversing Entries

End-Of-Fiscal-Period Work for a Corporation

Accounting for Partnerships

Recording International and Internet Sales

Service Business Organized As a Proprietorship

Merchandising Business As a Corporation

Additional Accounting Procedures

Filters