Accounting Chapter #3 Review

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

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

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

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

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

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

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

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

If you participated and answered ALL the questions, you've earned 1 extra point on the test!

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

The recording of debit and credit parts of a transaction.

The source document for all cash payments is a check.

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

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

Information for each transaction recorded in a journal.

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

A business form giving written acknowledgement for cash received.

A form for recording transactions in chronological order.

Recording transactions in a journal.

Transactions are recorded in a journal in chronological order.

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

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

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