What is a source document?

Select one:

a. A table showing each amount owed and to whom it must be paid; total of the schedule should equal the total of accounts payable in the general ledger

b. A paper document or electronic record that provides evidence that a transaction has occurred and includes details about the transaction

c. Parts of accounting transactions that constitute the input to an accounting information system

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Question 7

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A customer just charged $300 of merchandise using Visa. Which special journal would the company use to record this transaction?

Select one:

a. Cash disbursements journal

b. General journal

c. Cash receipts journal

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An employee for Five Steps, LLC brought $3,000 of inventory on the companys credit card. Which journal will the transaction be recorded in?

Select one:

a. Sales journal

b. Purchases journal

c. Cash disbursements journal

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Blockchain is the platform on which Bitcoin is built and serves as a shared ledger for Bitcoin but is also the foundation of many other applications.

Select one:

a. True

b. False

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Which one are the four potential treatments for contingent liabilities?

Select one:

a. Probable and estimable, Probable and inestimable, Reasonably possible and Remote

b. Probable and inestimable, Reasonably possible, Bad debt and Remote

c. Probable and inestimable, Reasonably possible, Interest and Remote