Midterm Review Question Preview (ID: 3655)


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The source document for a cash receipt transaction is a:
a) Check stub
b) Memorandum
c) Post-closing trial balance
d) Receipt

Recording business transactions in a journal is called:
a) Analyzing transactions
b) Balancing
c) Journalizing
d) Posting

A form on which a brief message is written describing a journal entry is called a/an:
a) Account
b) Ledger
c) Memorandum
d) Opening entry

An account recorded in the left account column of the general journal is called a/an:
a) Credit
b) Debit
c) Liability
d) Owner's Equity

A book or file containing a seperate page for each business account is called a/an:
a) General Ledger
b) Income statement
c) Journal
d) Memorandum

In the transaction, PAID CASH FOR RENT, the source document is a/an:
a) Check stub
b) Invoice
c) Memorandum
d) Receipt

In the transaction, PAID CASH FOR UTILITIES EXPENS, the source document is a/an:
a) Check Stub
b) Invoice
c) Memorandum
d) Receipt

A business paper from which information is obtained for a journal entry is called a/an:
a) Account
b) Balance sheet
c) Memorandum
d) Source document

The system of recording debit and credit parts of a transaction is known as:
a) Double-entry accounting
b) Post-closing trial balance
c) The accounting cycle
d) The accounting equation

In the transaction, PAID CASH TO THE OWNER FOR PERSONAL USE, the source document is a/an:
a) cash register tape
b) check stub
c) memorandum
d) receipt

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