Accounting I Review - Chapters 1 through 6

Front

The amount of the supplies used during a fiscal period is an expense.

Back

True

Front

An amount recorded on the right side of a T account is a Debit.

Back

False

Front

Each asset account has a normal credit balance.

Back

False

Front

Each liability account has a normal debit balance.

Back

False

Front

The source document for all cash payments is a check.

Back

True

Front

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

Back

True

Front

The Accounting Concept Unit of Measurement is being applied when a source document is prepared for each transaction.

Back

False

Front

If an amount is written in an incorrect column of a work sheet, the error should be erased and the amount should be written in the correct column.

Back

True

Front

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

Back

True

Front

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

Back

False