Chapter 3 Quiz (Accounting)

15 Questions | By Arjunkadel12 | Last updated: Mar 21, 2022 | Total Attempts: 460

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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.

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