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Accounting Chapter 3
Test Description: Review for Chapter 3
Instructions: Answer all questions to get your test result.
1) The source document for all cash payments is a check.
A
True
B
False
2) A receipt is the source document for cash received from transactions other than sales.
A
False
B
True
3) The accounting concept of Unit of Measurement is being applied when a source document is prepared for each transaction.
A
True
B
False
4) The source document used when supplies are bought on account is a memorandum.
A
False
B
True
5) The journal columns used to record receiving cash from the owner as an investment are Cash Debit and Sales Credit
A
True
B
False
6) To correct an error in a journal, one can simply erase the incorrect item and write the correct item.
A
True
B
False
7) A transaction recorded in a journal is not considered a permanent record.
A
False
B
True
8) Transactions are recorded in a journal in chronological order.
A
False
B
True
9) A complete journal entry consists of the date, the credit amount, the credit amount, and a source document.
A
True
B
False
10) When an entry in an amount column is an even dollar amount, either 00 or -- can be entered in the cents column.
A
True
B
False
11) Double lines are ruled across a journal's amount columns to indicate that the totals have been verified as correct.
A
False
B
True
12) Cash is always proved at the end of a month.
A
False
B
True
13) Every business uses the same journal to record transactions.
A
False
B
True
14) In double-entry accounting, each transaction affects at least two accounts.
A
False
B
True
15) On each journal page, the date is written
A
for each entry
B
on the first line of each column
C
only for the first entry
D
none of these
16) The entry to record payment of cash to the owner as a withdrawal of equity is
A
debit Drawing, credit Cash
B
debit Cash, credit Accounts Payable
C
debit Cash, credit Drawing
D
none of these
17) When cash is paid for supplies
A
none of these
B
the balance of Supplies is decreased
C
Supplies is credited
D
Supplies is increased
18) A single line ruled across the journal's amount columns indicates
A
the date is the last day of the month
B
the columns are to be totaled
C
the totals have been verified as correct
D
non of these
19) If an error is recorded in a journal entry,
A
cancel the error by drawing a neat line through the error
B
do not erase the incorrect item
C
all of these
D
correct the entry by writing the correct item above the cancelled error
20) When cash is received on account, the amount is recorded in the
A
General Debit column and Cash Credit column
B
General Debit column and Accounts Payable Debit column
C
Accounts Receivable Credit column and Cash Debit column
D
Sales Credit column and Cash Debit column
*select an answer for all questions
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