Chapter 3 Quiz (accounting)

15 Questions

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Accounting Quizzes & Trivia

Questions and Answers
  • 1. 
     The source document for cash payments is a(n):
    • A. 

      Invoice

    • B. 

      Receipt

    • C. 

      Calculator Tape

    • D. 

      Check

  • 2. 
    A journal with two amount columns in which all kinds of entries can be recorded is called a
    • A. 

      Special Journal

    • B. 

      General Journal

    • C. 

      Bi-Column Journal

    • D. 

      Multi-Purpose Journal

  • 3. 
    Transaction are recorde in a journal in:
    • A. 

      Alphabetical order.

    • B. 

      Chronological order

    • C. 

      Order of importance

    • D. 

      Amounts least to greatest

  • 4. 
    To keep from getting overloaded, businesses usually record transactions as soon as they occur.
    • A. 

      True

    • B. 

      False

  • 5. 
    A business paper from which information is obtained for a journal entry is called a(n):
    • A. 

      Source document

    • B. 

      Receipt

    • C. 

      Invoice

    • D. 

      Check

  • 6. 
    A form describing the goods or services sold, the quantity, and the price is called a(n):
    • A. 

      Memeorandum

    • B. 

      Proof of purchase

    • C. 

      Invoice

    • D. 

      Receipt

  • 7. 
     the recording of debit and credit parts of a transaction is called  double-entry accounting: the recording of debit and credit parts of a transaction
    • A. 

      Double-entry accounting

    • B. 

      Single-entry accounting

    • C. 

      Special journal

    • D. 

      Bi-column journal

  • 8. 
    A business paper from which information is obtained for a journal entry
    • A. 

      Memorendum

    • B. 

      Source document

    • C. 

      Receipt

    • D. 

      Invoice

  • 9. 
    Account balances increase on the normal balance side of an account
    • A. 

      True

    • B. 

      False

  • 10. 
    A business form giving written acknowledgement for cash received is called a sales invoice
    • A. 

      True

    • B. 

      False

  • 11. 
    Because expenses decrease owner's equity, increases in expenses are recorded as credits
    • A. 

      True

    • B. 

      False

  • 12. 
    A revenue account has a normal debit balance
    • A. 

      True

    • B. 

      False

  • 13. 
    To prove a journal page, you must verify that the total debits on the page equal the total credits
    • A. 

      True

    • B. 

      False

  • 14. 
    Errors are corrected:
    • A. 

      So that no one can tell that an error was made in the first place

    • B. 

      At the end of the month.

    • C. 

      By someone other than the person who made the error in the first place

    • D. 

      In a way that does not cause doubts about what the correct information is.

  • 15. 
    If you pay $300.00 cash on account to Supply Depot you would
    • A. 

      Debit Cash for $300.00 and credit Accounts Payable--Supply Depot for $300.00

    • B. 

      Debit Supplies for $300.00 and credit Cash for $300.00.

    • C. 

      debit Cash for $300.00 and credit Supplies for $300.00.

    • D. 

      Debit Accounts Payable--Supply Depot for $300.00 and credit Cash for $300.00.