Accounting Unit 3 Outcome 1: Special Journals - Ledger

Question 1

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

Accepted Answer

source document

Question 2

On each journal page, the date is written

Accepted Answer

for each entry

Question 3

When services are sold on account, the amount is recorded in the

Accepted Answer

Accounts Receivable Debit column and Sales Credit column

Question 4

A business form giving written acknowledgement for cash received

Accepted Answer

receipt

Question 5

The bank account is one of two ledger accounts in which the cross-references is....

Accepted Answer

not the names of the other ledger accounts

Question 6

To correct an error in a journal, one can erase the incorrect term and write the correct term.

Accepted Answer

false

Question 7

The GST on credit purchases does not affect the value of stock

Accepted Answer

True

Question 8

A complete journal entry consists of the date, debit amount, credit amount, and a source doc.

Accepted Answer

true

Question 9

When cash is received from sales, the amount is recorded in the

Accepted Answer

Sales Credit column and Cash Debit column

Question 10

The recording of debit and credit parts of a transaction

Accepted Answer

double-entry accounting

Question 11

When cash is paid for rent, the amount is recorded in the

Accepted Answer

Cash Credit column and General Debit column.

Question 12

An invoice used as a source document for recording a sale on account

Accepted Answer

sales invoice

Question 13

In double-entry accounting, each transaction affects at least two accounts

Accepted Answer

true

Question 14

The entry to record payment of cash to the owner as a withdrawal of equity is

Accepted Answer

debit Drawing, credit Cash

Question 15

When cash is paid for supplies/stock,

Accepted Answer

Stock Control is increased

Question 16

Every business uses the same journal to record transactions

Accepted Answer

false

Question 17

GST on credit sales affects the amount of revenue earned?

Accepted Answer

False

Question 18

A business form ordering a bank to pay cash from a bank account.

Accepted Answer

cheque

Question 19

When cash is paid on account, the amount is recorded in the

Accepted Answer

Accounts Payable Debit column and Cash Credit column

Question 20

A form describing the goods or services sold, the quantity, the price, and the terms of sale

Accepted Answer

invoice

Question 21

A transaction recorded in a journal is not considered a permanent record

Accepted Answer

false

Question 22

The main benefit of using a system of Control Accounts and Subsidiary Ledgers...?

Accepted Answer

all of the above

Question 23

The General Journal records

Accepted Answer

all infrequent, non-cash transactions

Question 24

Information for each transaction recorded in a journal

Accepted Answer

entry

Question 25

A form for recording transactions in chronological order

Accepted Answer

journal

Question 26

A Control Account is an account in the Subsidiary Ledger

Accepted Answer

False

Question 27

When cash is received on account, the amount is recorded in the

Accepted Answer

Accounts Receivable Credit column and Cash Debit column.

Question 28

Transactions are recorded in a journal in chronological order

Accepted Answer

true

Question 29

Special Journals summarise similar transactions

Accepted Answer

True

Question 30

When an entry is an even dollar amount, either "00" or "--" can be entered in the cents column

Accepted Answer

false

Question 31

Recording transactions in a journal

Accepted Answer

journalizing

Question 32

Double lines in account = no more transactions affect the account in that reporting period.

Accepted Answer

true

Question 33

The journal columns used to record receiving cash from the owner are Cash DR and Sales CR

Accepted Answer

false

Question 34

A form on which a brief message is written to describe a transaction

Accepted Answer

memorandum

Question 35

The source document for all cash payments is a cheque

Accepted Answer

true

Question 36

A single line ruled across the journal's amount columns indicates

Accepted Answer

that columns are to be totaled

Question 37

If an error is recorded in a journal entry,

Accepted Answer

all of these

Accounting Unit 3 Outcome 1: Special Journals - Ledger

Questions 37

Accounting Unit 3 Outcome 1: Special Journals - Ledger

Questions 37