Chapter 3 Quiz (accounting)
Settings
-
+
- 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.
Back to top