Accounting Fundamentals: Journalizing Transactions, Source Documents and Business Forms

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Finance - Personal Finance

jake12testoswi Created by 10 mon ago

Cards in this deck(31)

What is the term for recording transactions in chronological order?

What is the process of recording transactions in a journal called?

What is the information for each transaction recorded in a journal called?

What is the term for recording both debit and credit parts of a transaction?

What is a business paper from which information is obtained for a journal entry called?

What is a business form ordering a bank to pay cash from a bank account?

What is a form describing the goods or services sold, the quantity, and the price, and the terms of sale?

What is an invoice used as a source document for recording a sale on account called?

What is a business form giving written acknowledgment for cash received?

What is a form on which a brief message is written to describe a transaction?

Does information in a journal include the debit and credit parts of each transaction recorded in one place?

Does the objective evidence accounting concept require proof that a transaction did occur?

Are examples of source documents check, sales invoice, receipts, and memorandums?

Is a memorandum the source document used when items are paid in cash?

Is a receipt the source document for cash received from transactions other than sales?

Is a calculator tape the source document for daily cash sales?

Are the accounts affected when cash is received from the owner as an investment Cash and Sales?

When cash is paid for supplies, is the Cash account debited?

When cash is used to pay for insurance, does the asset account Prepaid Insurance increase?

Is the source document used when supplies are ordered by telephone on account a memorandum?

Is the source document used when supplies bought on account are paid for a receipt?

When cash is received from sales, are both the Cash account and the Sales account increased?

Is the source document sales invoice abbreviated as S in a journal entry?

When services are sold on account, are an asset account and a liability account affected?

Are the accounts affected when paying cash for equipment rental Equipment Rental Expense and Cash?

When cash is received on account, does one asset account increase and another asset account decrease?

Are the accounts affected when paying cash to the owner for a withdrawal of equity the Capital Account and Cash?

If there is only one blank line remaining on a journal page, is it standard practice to split the entry and record the second line of the entry on the next page?

To correct an error in a journal, should you simply erase the incorrect item and write the correct item in the same place?

If an error is detected in a journal entry after several additional journal entries have been made, should the entry be corrected by drawing a line through the incorrect parts and writing the correct parts on the same line above the error?

What are examples of 'from' in relation to 'form' and cash?

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Accounting Fundamentals: Journalizing Transactions, Source Documents and Business Forms

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