Accounting Chapter #3 Review

To correct an error in a journal, one can erase the incorrect item & write the correct item.

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

The recording of debit and credit parts of a transaction.

The source document for all cash payments is a check.

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

Recording transactions in a journal.

If an amount in a column is an even $ amount, either "00" or "--" can go in the cents column.

The Objective Evidence concept requires proof that a transaction did occur.

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

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

If 9 of the T/F questions were true, then that must mean that 5 of the questions were false.

Assets are increased on the

If you played the game until the end, Ms. Koch will give you 5 extra points on the test.

A calculator tape is the source document for daily cash sales.

A form for recording transactions in chronological order.

A general journal page is completed when there is insufficient space to record any more entries

The accounting; concept Unit of Measurement is when a source doc. is prepared for each trans.

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

A business form giving written acknowledgement for cash received.

Transactions are recorded in a journal in chronological order.

Information for each transaction recorded in a journal.

Lst's see if you were listening, most of the T/F questions were true, 9 true answers to be exact.

Ms. Koch has 3 grandchildren; which of the following is not the name of one of her grandkids?

A complete journal entry consists of the date, debit amount, credit amount & a source document.

You were the only class to get Ms. Koch's Texas Cake.

A receipt is the source document for cash received from transaction other than sales.

Why is recording the debit & credit parts of a transaction called "double-entry" accounting?

The source document used when supplies are bought on account is a memorandum.

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

Every business uses the same journal to record transactions.

When journalizing a transaction, it always effects at least ___accounts, & the _____ is always listed first in the jour.

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